Securities and Exchange Commission Files Lawsuit Against Green United for Selling Counterfeit Mining Equipment
It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of vio…
It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of violating the federal securities law by selling counterfeit encryption mining equipment worth $18 million. According to the SEC’s complaint, Green United and its founder, Wright Thurston, as well as its main promoter, Kristoffer Krohn, provided investors with a “green box” investment of $3000, which is a cryptocurrency excavator specially used to mine GREEN tokens on Green Blockchain. It is said that investors were told that the mined GREEN tokens support the “global public decentralized power grid” and generate a significant return of 40% to 50% per month.
US SEC filed a lawsuit against Green United
Interpretation of the news:
The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, a Utah-based company, for allegedly violating federal securities law by selling counterfeit encryption mining equipment worth $18 million. The complaint alleges that the company, along with its founder and main promoter, sold $3000 “green box” investments that were meant to be used for mining GREEN tokens on the Green Blockchain. Investors were promised returns of 40% to 50% per month, with the tokens purportedly supporting a “global public decentralized power grid”.
The case is reminiscent of earlier cases involving cryptocurrency and investments in it. Regulators have warned time and time again that investors need to be cautious about investing in cryptocurrency, including ensuring that they understand the risk involved. This is particularly so as cryptocurrency is unregulated and therefore, leaves investors open to fraud and scams.
The case against Green United is particularly concerning because they were allegedly selling counterfeit equipment. Counterfeit equipment can impact the mining process and in turn, influence the returns that investors receive. It can also impact the security of the blockchain network and, in turn, the tokens being mined.
The SEC’s move to file the lawsuit is part of its efforts to protect investors and prevent fraud in the crypto industry. It is also a reminder that the SEC will not hesitate to take legal action against companies that violate securities law.
Overall, the case involving Green United is a clear reminder for investors to be cautious when investing in cryptocurrency. It is important for investors to do their due diligence and ensure that the companies they are investing in are reputable and can be trusted. Additionally, it is important for regulators to continue their efforts to prevent fraud and ensure that the industry remains safe and secure for investors.
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