• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Green United LLC Accused of Crypto Fraud by SEC

user avatar

by Giorgi Kostiuk

2 years ago


  1. SEC Allegations
  2. Court Ruling
  3. Next Steps

  4. Green United LLC and its leaders are facing serious legal troubles following SEC accusations of running a fraudulent crypto mining scheme.

    SEC Allegations

    The U.S. Securities and Exchange Commission (SEC) has accused Wright Thurston and Kristoffer Krohn, leaders of Green United LLC, of collecting $18 million from investors by selling 'Green Boxes' and 'Green nodes.' These were marketed as devices that would mine a cryptocurrency called GREEN on a supposed 'Green Blockchain,' which, according to the SEC, never even existed.

    Court Ruling

    On September 23, Judge Ann Marie McIff Allen ruled that the SEC had enough evidence to proceed with the lawsuit, stating that Green United’s offerings were investment contracts subject to securities laws. She also highlighted how Thurston allegedly deceived investors, making them believe they were mining GREEN tokens when the distribution was controlled by Thurston himself. The SEC also claims that the devices sold were Bitcoin mining rigs, but none of the investors ever received Bitcoin either.

    Next Steps

    Thurston and Krohn attempted to-dismiss the case, arguing that the SEC lacked authority over digital assets. However, the judge rejected this claim, stating that the SEC was enforcing regulations that have existed for decades. Now, the case will move forward, likely leading to further investigations or a trial.

    The legal proceedings against Green United LLC are far from over, and the continuation of the case may uncover more details about this alleged fraudulent scheme.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ethereum Dominates DeFi and Lending Markets

chest

Ethereum maintains a strong position in DeFi and lending, with significant liquidity and market share.

user avatarZainab Kamara

Crypto Analyst Sets Bullish Price Targets for Dogecoin

chest

Crypto analyst Celal Kucuker sets multiple bullish price targets for Dogecoin, predicting a strong rally towards the $1 milestone influenced by Elon Musk.

user avatarJacob Williams

Iran's Crypto Transactions Estimated at $114 Billion in 2024

chest

Estimates suggest Iran's total crypto transaction volume reached approximately $114 billion in 2024, indicating extensive use of digital assets.

user avatarSon Min-ho

Arkham Unveils Crypto Wallet Map Linked to Iran's Central Bank

chest

Blockchain analytics firm Arkham has created a public map of crypto wallets associated with Iran's central bank, revealing Tehran's digital holdings.

user avatarAyman Ben Youssef

XRP Investment Products Experience Record Inflows

chest

XRP investment products saw a significant increase in inflows last week, reaching 396 million, a 1,220% rise from the previous week.

user avatarTando Nkube

Consensys Delays IPO Plans Amid Market Weakness

chest

Consensys has delayed its planned US IPO, indicating that the market for crypto company listings remains weak.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.