Shopin
A blockchain 'universal shopper profile' startup whose 2017–2018 ICO raised ~$42.5M. The SEC and New York AG said it was fraudulent — fake retailer partnerships, no working product. Founder Eran Eyal pleaded guilty to felony securities fraud (NY) and settled with the SEC.
Also known as: Shopin, Shopin Token, UnitedData
Summary
Shopin (operated through UnitedData, Inc.), founded by Eran Eyal, claimed it would build blockchain-based "universal shopper profiles" tracking purchase histories across retailers. Its 2017–2018 ICO of Shopin tokens raised about $42.5 million. The SEC said Shopin never built a functional platform and that Eyal lied about retailer partnerships and a prominent backer, misappropriating at least ~$500,000 for personal use (rent, shopping, a dating service). [1][2]
Outcome
In December 2019, the New York Attorney General secured Eyal's guilty plea to felony securities fraud under the Martin Act (plus two counts tied to prior companies, Springleap and Passo Sync); he was banned from raising capital or serving as an officer in New York for three years, ordered to pay restitution, and surrendered ~3,105 ETH. The SEC obtained a 2020 final judgment with an officer-and-director bar and a digital-securities bar. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
- AG James Announces Criminal Conviction of Shopin's Eran Eyal for Cryptocurrency Scheme — New York Attorney General
- SEC Charges Founder, Digital-Asset Issuer With Fraudulent ICO (Shopin) — 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.