The Gladius Network ICO, which raised $12.7 million in 2017, faced SEC charges in 2019 for conducting an unregistered securities offering. The SEC mandated the company to register its tokens and offer refunds to investors but did not impose a financial penalty. Gladius failed to meet the registration deadlines and ceased operations in 2019, leaving investors without refunds. Nadav Dakner, a prominent figure in the Gladius project, has since founded companies like Chainwire, FinanceWire, and MediaFuse, raising concerns about his ongoing involvement in the crypto sector. The case underscores significant regulatory loopholes that allowed Gladius to avoid full accountability, highlighting the need for stronger investor protections in the cryptocurrency industry.