- SEC’s Accusations Against Green United
- Details of Allegations
- Consequences of the Lawsuit Against Green United
A U.S. federal judge has denied Green United's motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC), alleging the company misled investors by selling fake cryptocurrency mining equipment worth $18 million.
SEC’s Accusations Against Green United
The Securities and Exchange Commission (SEC) alleges that Green United misled investors by selling fake cryptocurrency mining equipment and violating federal securities laws. The main accusations are directed at Green United founder Wright Thurston and promoter Kristoffer Krohn.
Details of Allegations
According to the SEC, Green United marketed 'Green Boxes' devices for $3,000, claiming they could mine GREEN tokens on the Green Blockchain, promising investors monthly returns of up to 50%. However, the Green Blockchain never existed and the GREEN tokens were created on the Ethereum blockchain and distributed to investors after the equipment had been sold. The SEC also claims that instead of mining GREEN tokens, the 'Green Boxes' actually mined Bitcoin, but investors received none of the Bitcoin rewards.
Consequences of the Lawsuit Against Green United
The lawsuit against Green United is part of the SEC's broader effort to combat fraud in the cryptocurrency sector. The court's decision allows the SEC to pursue permanent injunctions, the disgorgement of ill-gotten gains, and civil penalties against Green United, Thurston, and Krohn. This case highlights the importance of regulatory oversight in the cryptocurrency investment and mining operations sector, as well as the risks associated with unverified crypto projects.
The legal case against Green United demonstrates SEC's ongoing activity in combating fraud in the cryptocurrency sector and protecting the interests of investors.
Comments