SEC, based in Utah Green Unitedfiled a lawsuit on charges of managing $18 million cryptocurrency mining scam.
of the U.S. Securities and Exchange Commission ( SEC The pressure on the crypto money industry continues to increase day by day. This time, the SEC took Green United to court for allegedly selling counterfeit cryptocurrency mining equipment.
SEC Accuses Green United of Selling Fake Crypto Equipment
U.S. Securities and Exchange Commission ( SEC), filed a lawsuit alleging that the Utah-based company violated federal securities laws by selling $18 million worth of counterfeit crypto mining equipment.
According to the SEC’s complaint, Green United has sold private crypto mining machines that allegedly mine GREEN tokens on the Green Blockchain.
The company’s investors were told that the issued GREEN tokens support a public, global, decentralized power grid, while generating a nice 40 percent to 50 percent monthly return. It was also stated to investors that the success of their investment depends on maintaining control of the “Green Boxes”, which will be hosted remotely in a data center controlled by Green United.
However, according to the SEC, Green United’s mining rigs have never mined GREEN because GREEN is not a minable crypto asset. Additionally, there is no Green Blockchain.
