SC orders immediate halt to promotion of LaVida Coin pending review
PETALING JAYA: The Securites Commission (SC) has instructed the promoters of LaVida Coin to cease all promotional activities with immediate effect, pending further review by the SC into the matter.
“DSV Crypto Club, LUX Galaxies and VI Profit Galaxy, who were found to be promoting LaVidacoin, were also added to the SC’s Investor Alert List at www.sc.com.my,” it said in a statement yesterday.
The SC advised investors to be cautious and exercise due diligence before participating in any investment schemes, in particular those involving cryptocurrencies and digital tokens.
The cease order came after the SC flagged the controversial coin last week.
VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies) is also on Bank Negara Malaysia’s Financial Consumer Alert List.
LaVida Coin, which is linked to cosmetics entrepreneur Datuk Seri Dr Hasmiza Othman, better known as Datuk Seri Vida, aims to raise US$1.5 billion (RM6.15 billion) from the coin issuance in a bid to finance three projects, including a new payment gateway named LaVida Pay (US$100 million).
The other two projects are an online entertainment channel with an entrepreneurial focus (US$1 billion) and a non-profit-making development to build a Muslim community hub, centred on a new mosque (US$400 million).
According to its white paper, LaVida Coin is currently in the “pre-mine stage” which runs for six months from August 2018 to February 2019. Once completed, the LaVida Coin blockchain will be open to cryptocurrency miners.
Pre-sale of LaVida Coin, which began on Aug 20, 2018, is in the first stage, whereby one LaVida Coin or LVC is valued at US$0.66. The first stage ends in 54 days (from Aug 27).
The second stage, which starts on Oct 20, 2018, will see the value increase to US$0.86 per LVC.
Based on a timeline published on the website, LaVida Pay will be released in October while the development of the entertainment channel will begin in December. The launch of the channel TV is expected in July 2019.