AriseBank (AriseCoin)
A 2017 Texas ICO that marketed itself as the world's 'first decentralized bank' on the AriseCoin token, with false claims of FDIC insurance and a Visa partnership and a bogus '$600M raised'. The SEC halted it; the real fraud was ~$4M. CEO Jared Rice got 5 years.
Also known as: AriseBank, AriseCoin, Jared Rice
Summary
AriseBank (AriseCoin) was a Texas-based ICO that marketed itself as the world's "first decentralized bank" built on the AriseCoin token. Promoters, led by CEO Jared Rice Sr., made false claims — including FDIC insurance and a Visa partnership — and claimed to have raised $600 million toward a $1 billion goal. [1][2]
Outcome
The SEC obtained an emergency halt in early 2018; prosecutors said the actual fraud swindled investors of more than $4 million. Rice pleaded guilty to securities fraud and was sentenced in 2021 to five years in prison and ordered to pay about $4.26 million in restitution. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
People & entities involved
Sources (2)
- AriseCoin creator sentenced to 5 years for $4 million fraud scheme — Markets Insider (DOJ)
- SEC halts AriseBank ICO (case background) — U.S. SEC
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.