A crypto mining operation run by Green United has been accused of being 'fraudulent' by the SEC, while the proposed lawsuit against the outfit sparked fears the regulator was gearing up to come after crypto mining.
Software and crypto mining equipment offered by the Utah-based Green United LLC was part of an $18 million"fraudulent scheme" that never mined the crypto it said it would, according to allegations by the United States Securities and Exchange Commission .in a Utah District Court on Mar. 3 against Green United, its founder, Wright Thurston, and a contracted promotor Kristoffer Krohn.
Investors were allegedly told the firm was to develop the Green Blockchain to create a “public global decentralized power grid” and the GREEN token would increase in value based on its efforts with returns of up to 50% a month.ERC-20 tokenIt added the GREEN token was created “several months” after the first hardware sales to investors and was periodically distributed to “create the appearance of a successful mining operation.
Instead the real scheme, according to the SEC, was using the funds to buy S9 Antminers — Bitcoin mining rigs — which were passed off as the Green “boxes” and “nodes” to investors. The firm mined Bitcoin, not GREEN tokens, which the investors “did not receive.
Somewhat of a bad take; the SEC's case does not target mining in general, but a specific ASIC that was supposed to mine an ERC-token but instead mined
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