The US Securities and Exchange Commission (SEC) has accused Green United, a cryptocurrency mining equipment maker, of violating federal laws and defrauding $18 million. The regulator has already filed a corresponding claim.
According to the complaint, company founder Wright Thurston and chief promoter Christopher Krohn sold Antminer S9 devices under the guise of “Green Boxes” – specialized equipment for mining “green” GREEN tokens, which were in fact counterfeit.
The defendants promised investors a monthly return of 40-50%. It was assumed that the miners themselves would install in the Green United data center.
According to the SEC, Thurston has been creating fake tokens on the Ethereum blockchain and distributing them to investors’ wallets within months of him and Krohn launching in April 2018.
The asset itself never grew in price, while the coins could not be sold until the fall of 2020. The current price of the token is $0.004, while the $0.02 promised to investors.
According to the regulator, the organizers of the scheme misled investors in order to mine bitcoins on purchased miners. At the same time, the depositors themselves did not receive any income.
The authorities intend to obtain legal restrictions for Green United, as well as oblige the alleged fraudsters to pay fines and compensation.
Recall that in November 2022, the SEC filed charges against four organizers of the Trade Coin Club cryptocurrency pyramid. They are suspected of fraud for $295 million.
