TON Strategy got hit hard by Nasdaq. The company spent $272 million on Toncoin trading and PIPE financing, but was found to have violated regulations—they didn't get shareholder approval before issuing shares. In short, their process broke listing rules. The company, formerly known as Verb Technology, changed its name but still couldn't escape regulatory scrutiny. While compliant fundraising may seem simple, such cases are becoming more frequent as the crypto world collides with traditional capital markets. What's worth noting is: what does this reveal? Is it a flawed system or a lack of corporate compliance awareness?