Green United has failed in its attempt to dismiss an $18 mln lawsuit filed by the U.S. Securities and Exchange Commission (SEC), alleging crypto mining fraud.
Case Background
Green United and its executives, Wright Thurston and Kristoffer Krohn, are accused of selling mining equipment for the non-existent GREEN blockchain. According to the SEC, from April 2018 to December 2022, the company raised approximately $18 mln from investors, promising them profits from mining the GREEN token, which in reality did not exist.
SEC Allegations
The SEC claims that instead of GREEN mining equipment, investors were sold standard Bitcoin mining devices that did not yield the promised returns. The SEC states that investors received no actual profits and were misled.
Court Decision
Judge Ann Marie McIff Allen denied the company's motion to dismiss, stating that the SEC had provided sufficient evidence to proceed with the case. As a result, the legal proceedings will continue, and Green United will have to answer serious fraud charges.
The legal proceedings will continue, and Green United will have to answer serious fraud charges brought by the SEC.
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