SEC Files Lawsuit Against Green United for Selling Counterfeit Encryption Mining Equipment
It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of vio…
It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of violating the federal securities law by selling counterfeit encryption mining equipment worth $18 million. According to the SEC’s complaint, Green United and its founder, Wright Thurston, as well as its main promoter, Kristoffer Krohn, provided investors with a “green box” investment of $3000, which is a cryptocurrency excavator specially used to mine GREEN tokens on Green Blockchain. It is said that investors were told that the mined GREEN tokens support the “global public decentralized power grid” and generate a significant return of 40% to 50% per month.
US SEC filed a lawsuit against Green United
Interpretation of the news:
The United States Securities and Exchange Commission (SEC) has recently filed a lawsuit against Utah-based company Green United for allegedly violating the federal securities law by selling counterfeit encryption mining equipment worth $18 million. The SEC’s complaint accuses Green United and its founder, Wright Thurston, along with its main promoter, Kristoffer Krohn, of providing investors with a cryptocurrency miner called the “green box” investment.
The SEC claims that the so-called “green box” was marketed as a specially designed cryptocurrency excavator that could mine GREEN tokens on the Green Blockchain. Investors were allegedly told that the GREEN tokens would support the “global public decentralized power grid” and generate a hefty return of 40% to 50% per month. However, the SEC alleges that the mining equipment sold to investors was fraudulent and ultimately worthless, with the defendants allegedly using most of the investment funds for personal expenses and Ponzi-style payments to early investors.
Counterfeit equipment is a significant issue in the crypto mining industry, as it can lead to significant financial losses for investors. The SEC’s allegations against Green United highlight the importance of diligence when investing in cryptocurrency-mining equipment or any other form of crypto investment. Investors and potential investors should perform comprehensive research on companies’ backgrounds and the legitimacy of their products before committing funds.
Investors must be vigilant and perform due diligence before investing any funds in cryptocurrencies or other virtual assets. SEC lawsuits such as Green United’s indicate the need for better regulation of the industry to ensure that all investors’ interests are protected. The lawsuit encourages investors to be alert to fraudulent activities and report any signs of fraudulent behavior to regulatory authorities.
In conclusion, the SEC lawsuit against Green United for selling counterfeit encryption mining equipment highlights the importance of due diligence when investing in cryptocurrency-mining equipment or any other form of crypto investment. Investors and potential investors should be vigilant and perform comprehensive research on companies’ backgrounds and products’ legitimacy before committing funds. The need for better regulation of the industry is underlined by SEC lawsuits such as Green United’s, which draws attention to fraudulent practices within the crypto space.
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