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Clarke-endorsed Global Tech crypto co. down due to “ongoing negativity,” ASIC

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Andrew Munro
Posted: 22 October 2018 6:40 pm
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Everyone's so negative about potentially fraudulent securities offerings.

The blandly-named Australian startup Global Tech has wound up operations and applied for deregistration on ASIC's (the Australian Securities and Exchange Commission's) website. Its similarly bland stated goal was to raise $50 million to "build a crypto-education network and launch a cryptocurrency trading exchange," according to Business Insider.

"The Global Tech Trading Platform and Exchange combines premium education, important industry updates and a social platform, which is sure to revolutionise the way we invest and live," it said of its aspirations to raise $50 million for the construction of a website.

Global Tech eventually made a more memorable name for itself after being endorsed by Australian cricketer Michael Clarke on Twitter, where people said they were keen to learn more about what Global Tech could teach them.

"Ongoing negativity"

Visitors to the old Global Tech website are now greeted with the following message:

"We would like to inform you that the Global Tech Exchange’s (‘Global Tech’) Initial Coin Offering (ICO) has now ceased in accordance with ASIC requirements. As a result of this Global Tech has issued full refunds to all investors. If you have invested with Global Tech and have not yet received a refund please contact support@gttrade.io.

"We would also like to inform you that Michael Clarke is no longer associated with Global Tech Exchange and the Global Tech Exchange Blockchain education and awareness program. Global Tech would like to inform you that it wishes to comply with all of ASIC’s requirements and requests, to the best of its ability."

It looks like ASIC brought the hammer down on Global Tech as part of its ongoing focus on educating ICOs and ensuring they operate in compliance with Australian law.

However, in a previous interview with the Sydney Morning Herald, Global Tech previously said it had wound up operations due to "ongoing negativity" associated with the bitcoin space. To date, celebrity endorsements of cryptocurrencies have been a wonderfully reliable red flag, with almost all projects that a celebrity touts on Twitter being doomed to end horribly.

Global Tech might be further affirmation of the theory. That hasn't deterred celebrities and cricketers from endorsing projects though.

So far, few celebrities have been willing to really dive into projects beyond distant endorsements though.

The key exception might be Pablo Escobar's brother who has taken a leadership role in the creation of the Diet Bitcoin fork because he claims the CIA created bitcoin and will destroy it by selling all their coins when the time is right. Bet you wouldn't have learned that at Global Tech.

Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and ADA.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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