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Two days after this announcement, the company began selling Sianotes that would be convertible to stock upon launch of the Sia network. The offering took place through Bitcointalk.org, three months before the ethereum offering, with approximately 1,250 notes sold at an average price of $96.According to the SEC, “Sianotes and, as contemplated, Siastock were securities.” The company failed to register the offering and never “took steps” to confirm Sianote buyers were qualified investors.