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News

SEC Charges Green United With Running An $18 Million Crypto Mining Scam

March 7, 2023 - Around 2 mins mins to read

Key Points:

  • According to the SEC, Green United was part of an $18 million “fraudulent scheme” that never mined the cryptocurrency it promised.
  • Because the so-called Green Blockchain did not exist, Green United’s mining equipment never mined its GREEN coin.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah-based company of selling fake encryption mining equipment worth $18 million in violation of federal securities laws.
SEC Charges Green United With Running An $18 Million Crypto Mining Scam

According to the SEC’s complaint, Green United and two individuals (founder Wright Thurston and lead promoter Kristoffer Krohn) provided a $3,000 investment in “Green Boxes,” specialized crypto miners that purportedly enable Mining GREEN tokens.

Investors were allegedly told that mined GREEN tokens support a “public global decentralized grid” while generating handsome returns of 40% to 50% per month.

Investors were also told that the success of their investment depended on Green United maintaining control of its “Green Boxes,” which would be hosted remotely in data centers controlled by Green United. Their machine-generated GREEN tokens will be distributed to investors.

However, the SEC claimed the hardware sold didn’t mine GREEN as it was an Ethereum-based ERC-20 token that could not be mined and the Green Blockchain didn’t exist.

It added the GREEN token was created “several months” after the first hardware sales to investors and was periodically distributed to create the appearance of a successful mining operation.

SEC Charges Green United With Running An $18 Million Crypto Mining Scam

GREEN was not transferable on a secondary market until the fall of 2020, and the present price of $.004 is significantly below the stated beginning value of $2 per token.

Green United’s real plan was to trick investors into buying S9 Antminers — bitcoin mining rigs — faked as “Green Boxes.” The investor’s purchase was valid, and Bitcoins were mined, but “not received by the investor.”

The SEC is seeking a permanent injunction against Green United, Thurston, and Krohn, as well as forfeiture and civil penalties.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

#Bitcoin

crypto

Green

Green Boxes

Green United

SEC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

SEC Charges Green United With Running An $18 Million Crypto Mining Scam

Key Points:

  • According to the SEC, Green United was part of an $18 million “fraudulent scheme” that never mined the cryptocurrency it promised.
  • Because the so-called Green Blockchain did not exist, Green United’s mining equipment never mined its GREEN coin.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah-based company of selling fake encryption mining equipment worth $18 million in violation of federal securities laws.
SEC Charges Green United With Running An $18 Million Crypto Mining Scam

According to the SEC’s complaint, Green United and two individuals (founder Wright Thurston and lead promoter Kristoffer Krohn) provided a $3,000 investment in “Green Boxes,” specialized crypto miners that purportedly enable Mining GREEN tokens.

Investors were allegedly told that mined GREEN tokens support a “public global decentralized grid” while generating handsome returns of 40% to 50% per month.

Investors were also told that the success of their investment depended on Green United maintaining control of its “Green Boxes,” which would be hosted remotely in data centers controlled by Green United. Their machine-generated GREEN tokens will be distributed to investors.

However, the SEC claimed the hardware sold didn’t mine GREEN as it was an Ethereum-based ERC-20 token that could not be mined and the Green Blockchain didn’t exist.

It added the GREEN token was created “several months” after the first hardware sales to investors and was periodically distributed to create the appearance of a successful mining operation.

SEC Charges Green United With Running An $18 Million Crypto Mining Scam

GREEN was not transferable on a secondary market until the fall of 2020, and the present price of $.004 is significantly below the stated beginning value of $2 per token.

Green United’s real plan was to trick investors into buying S9 Antminers — bitcoin mining rigs — faked as “Green Boxes.” The investor’s purchase was valid, and Bitcoins were mined, but “not received by the investor.”

The SEC is seeking a permanent injunction against Green United, Thurston, and Krohn, as well as forfeiture and civil penalties.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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