• 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

a year 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

Stablecoins Gain Dominance in Crypto Payments

chest

Stablecoins are becoming the dominant use case for value transfer in the crypto space, with transaction volumes exceeding $33 trillion by late 2025.

user avatarZainab Kamara

XRP Price Surge and Consolidation

chest

XRP price has shown a strong increase, moving above the 1520 mark and consolidating its gains.

user avatarSon Min-ho

Ripple Custody Set to Launch in Brazil

chest

Ripple Custody is set to launch in Brazil, offering bank-grade security and compliance features for institutions to manage digital assets.

user avatarAyman Ben Youssef

Ripple Expands Operations in Brazil

chest

Ripple announces plans to expand its operations in Brazil, aiming to enhance its digital asset services and apply for a key regulatory license.

user avatarKofi Adjeman

Citigroup Lowers Bitcoin and Ethereum Price Targets Amid Legislative Concerns

chest

Citigroup has lowered its price targets for Bitcoin and Ethereum due to concerns over slow legislative progress in the U.S.

user avatarTando Nkube

Tokenization Initiatives and RLUSD Expansion in Brazil

chest

Ripple's RLUSD stablecoin is gaining momentum in Brazil, with major exchanges and fintech companies adopting it for trusted digital dollar options and tokenization of real-world assets.

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.