Marathon Digital Issued A Warning On Fraudulent Activities

Key Points:

• Marathon Digital Holdings has issued a warning about fraudulent activities.
• Marathon does not provide individual investors with an account to participate in cryptocurrency mining, nor does it accept funds from individual investors.
• Currently, in the market, there are unknown objects taking advantage of Marathon Digital’s name to call for investment from individual investors.

Marathon Digital Holdings, a crypto mining company, issued a warning about fraudulent activity.

Marathon indicated that it does not provide accounts for private investors to engage in cryptocurrency mining and does not take funds from individual investors.

The company has become aware of a number of bogus websites and applications pretending to be associated with Marathon Digital Holdings, as well as fraudulent contacts from persons posing as Marathon personnel. In addition, the corporation is aware of bogus stock certificates printed in other languages that are purportedly being sold by third parties in at least Russia, if not other international nations.

According to the company, this is financial fraud. If investors have made an investment, they should notify the police.

Marathon said that it is cooperating with authorities and expects to take all necessary legal steps to protect its copyrights, trademarks, and intellectual property.

According to Fred Thiel, CEO of Marathon Digital, a variety of obstacles will effectively push certain Bitcoin miners out of the market.

Stagnant Bitcoin pricing, high power costs, ongoing rivalry, and a preprogrammed event that lowers mining rewards in half have constrained miners’ profits and driven them to make their power-hungry operations more efficient, Thiel said during a Bloomberg Television interview.

“The larger miners that have the most modern fleets, the best energy costs and the most efficient are going to thrive while the smaller miners that either can’t raise capital, can’t upgrade their machines and can’t get out of essentially more expensive energy contracts are either going to consolidate or essentially going away,” Thiel said.

Bitcoin miners are benefiting from a resurgence in Bitcoin prices this year, after a drop in digital assets in 2022 due to a spate of crypto meltdowns, including bankruptcy by companies such as Core Scientific. Despite this, increased rivalry among miners has countered some of the rebound.

Recently, Marathon Digital has agreed to acquire 15,000 shares of Series A redeemable convertible preferred stock in a private placement via a securities purchase agreement.

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.

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Harold

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