Founders of Three Altcoins that SEC Sued Finally Released a Statement!

Founder of the Helium network, Nova Labs, is facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) alleging that they sold unregistered securities and misled investors.

The lawsuit filed on Friday is one of the latest enforcement actions under the leadership of outgoing SEC Chairman Gary Gensler.

The SEC's lawsuit focuses on three tokens related to Helium: Helium Network Token (HNT), Helium Mobile Token (MOBILE), and Helium IoT Network Token (IoT). The agency alleges that these tokens were sold as unregistered securities and violated federal securities laws.

In addition, the SEC accuses Nova Labs of misleading investors about partnerships with leading companies such as Nestlé, Lime, and Salesforce. While Nova Labs claims that these companies use the Helium network, the SEC alleges that neither of these companies are customers or active users. The lawsuit states that both Nestlé and Lime sent cease and desist letters to Nova Labs after learning of the allegations.

The SEC is seeking to ban Nova Labs from buying, offering, or selling any crypto asset that is considered a security, and is seeking monetary penalties.

Helium founder Amir Haleem responded today on X (formerly known as Twitter), challenging the lawsuit and accusing the SEC of launching a failed war against crypto companies in the United States.

Haleem also addressed the misleading partnership claims, saying, 'We have addressed this issue in the past and have worked with every company mentioned in the complaint on Helium.' Haleem also mentioned that he has reviewed Nova Labs' applications and previously stated that the company will implement a more rigorous logo approval process in the future to prevent misunderstandings.

Haleem also argued that classifying Helium hotspots as securities could endanger the entire DePIN industry by considering the lawsuit as a broader threat to decentralized physical infrastructure networks (DePINs).

Haleem concluded his words as follows:

"We will vigorously defend ourselves and continue the Gensler SEC's record of abject losses and outright lies. Not just for us, but for all DePIN projects.

If the Helium hotspots become securities, it would jeopardize all the DePINS. We will not allow this to happen.