Home » Technology » Utah Firm Accused Of Fraudulent Mining Scheme, Is SEC Against Crypto Mining?

A few weeks later, when it was supposed to beCrack down on behaviorAbout the field of passwordsSecurities and Exchange Commission (SEC)Still making headlines today. On March 3, regulators filed a lawsuit against a Utah company for alleged fraudulent password discovery programs.

This has aroused doubts and speculation in the password community that SEC is now resisting password discovery and has gradually focused on this particular aspect of the industry.

SEC sues Utah companies for fraud

The company, headquartered in Utah, USA, is called Green United, which is operated bySecurities and Exchange CommissionThe civil complaint filed by SEC alleges that the company did not actually do so on suspicion of carrying out a "18 million-dollar fraudulent scheme" based on deceiving investors into mining passwords.

The regulator not only submittedReportFor the fraudulent company Green United LLC, it is also aimed at its founder, Wright Thurston, and contract leader Christopher Crohn. According to the civil indictment, both managers used the company to provide fraudulent securities for nearly five years.

Thurston and Crohn used the company to sell $3000 in fraudulent financing plans called "green boxes" and "green connections" between April 2018 and December 2022. It is reported that both products are designed to explore green tokens on the "green blockchain technology".

These services are all scams, because both of them mean that they are only made up to deceive the investors in their funds. It is reported that the company's Utah-based company told investors that its aim is to develop and design green blockchain technology, which will be used to create a "public globally decentralized power grid".

Green Union promised investors that if he invested in the project, the mined green tokens would add value and earn 50% of the income each month. According to SEC's civil complaint, Green United does not use the hardware sold to mine all green OTP, which cannot be mined because OTP is based on Ethernet Fong hardware (ERC20).

The SEC claims that green blockchain technology does not exist and that green OTP will be established two months after the company sold the first hardware configuration to investors. The regulator added that it was distributed at regular intervals to "build a brand image for successful mining operations".

SEC added that instead of providing the agreed services, the company bought other BTC mining machinery and equipment with illegal funds, which were eventually portrayed as green boxes and connections by investors. SEC finally stressed that Green United never mined green tokens, but instead mined BTC.

In addition, as a punishment, SEC urged the people's court to order Green United Airlines, Thurston and Crohn to stop service andLooking for civil penalties for violations of securities laws and repaying $18 million from his fraud plan.

Is the next goal of SEC is data encryption mining?

In the past month, in fact, SEC has been keen on password control, as regulators have done.Be banned in accordance with the lawFor a company or a unit in the industry, the password community has been watching where the regulator will be.Focus on the next step..

The company's latest measures for the mining company, which is based in Utah, have sparked speculation in the community that regulators are likely to need to ransack the data-encrypted mining sector in the next step because of growing concerns.

A self-proclaimed teacher, who wrote the name "MetaLawMan" on Twitter, clearly put forward this conjecture at first.GetThe Securities and Exchange Commission announced that "the sale of data encryption mining machines and equipment and the provision of hosting services for these devices have formed Howie's' investment agreement'."

MetaLawMan claims that experts and scholars have issued some reviews in an attempt to suppress other parts of the password street. Timothy Peterson, investment consultant and password promoterAppraiseWith regard to MetaLawMan, he said its posts were "incorrect understanding" and that SEC was not specifically "generally discovered" for passwords.

CEO and founder of Satoshi Act FundBoycottMetaLawMan's article called it "FUD (fear of variability and suspicion)" and made up the lie "SEC is not digging for money."

In addition, after a lot of negative news in the past week, the password sales market is still on a bullish trend. As of March 7, the total market capitalization of passwords worldwide had fallen to $1.069 from $110 million at the end of last month.

From the characteristic image of UnSplah, from the data chart of TradingView.

Related News

3Commas Leak Exposes Over 100,000 APIs, CEO Confirms

For a while now, 3Commas users have been posting on social media about a possible breach that led to their API keys being leaked. This resulted in

Fiji Elects New Pro-Bitcoin Prime Minister, Could Follow Tonga’s Legal Tender Lead

The Pacific Islands are set to cause a stir in the Bitcoin community in the coming year. Lord Fusitu'a, a Tongan noble and former member of the Tongan

Sam Bankman-Fried Welcomes Sexy Crypto Journalist While Under House Arrest

Sam Bankman-Fried may no longer be in prison but he's still a person that may be hard to reach.

ChangeNOW stands against fraudulent actions, ensures high compliance standards amid Alameda wallets’ suspicious activity

Taking into account the company's high security standards in terms of resistance to illegal activity, ChangeNOW is putting serious effort into preventing such