About two weeks after the Securities and Exchange Commission warned it would be patrolling the red-hot market for initial coin offerings, a giant new offering has landed.

Venture-backed startup Protocol Labs Inc. raised about $193 million for its Filecoin Network, according to the Filecoin website Saturday. The project, designed to create a marketplace for unused computer memory, raised about $187 million in the first hour Thursday and had earlier raised about $52 million from a group of venture capital investors.

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