The Securities and Exchange Commission (SEC) has taken action for the first time against an initial coin offering utilizing it's new cyber fraud unit. According to the SEC, PlexCoin is nothing but a fraud and the person trying to get ICO money is a "recidivist securities law violator". If the SEC is correct and the courts see fit to stop this allegedly fraudulent cryptocurrency then this is a good thing for everyone who is currently investing/speculation in cryptocurrency. It's time to bring order to the wild west of cryptocurrency. The SEC isn't impressed and is arguing that PlexCoin has "all of the characteristics of a full-fledged cyber scam." The agency is seeking to freeze the assets of the PlexCoin project in hopes of getting investors' funds back to them.