Utah-based Green United LLC has faced accusations for being a part of an $18 million fraudulent scheme. United States Securities and Exchange Commission (SEC) stated that in the name of crypto mining, frauds were being executed by the company, as stated by Cointelegraph.
According to Cointelegraph, on March 3, 2023, a complaint was filed against Wright Thurston, founder, Green United, and Kristoffer Krohn, a contracted promoter. It’s believed that Thurston and Krohn were illegally selling investments for mining the GREEN token on the “Green Blockchain.”
According to the United States SEC, the real scheme was using the funds to buy S9 Antminers mining rigs, which were passed off as Green “boxes” and “nodes” to investors. Moreover, the firm mined Bitcoin, not GREEN tokens, which eventually did not reach the investors, states Cointelegraph.
Furthermore, Cointelegraph noted that Twitter’s crypto community hosed down an aspect around SEC’s complaint, over SEC pursuing crypto miners. However, Timothy Peterson, a crypto advocate and investment advisor, responded that the interpretation was a “bad take,” and the case doesn’t “target mining in general.”
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