- The company offered investments in “green eco-tokens”
- But in reality, they did not have their own blockchain
- The company mined bitcoins in the usual way and kept the profits for itself
US SEC filed lawsuit against Utah miner Green United. They accuse the company of violating securities laws, as well as selling fake assets worth $18 million.
The details of the complaint are set out in the statement. Two people appear here – the founder of Green United Wright Thurston and the main promoter Kristoffer Krohn. Since 2018, they have been offering clients investments in “Green Boxes”. And they presented their business as equipment for eco-mining and generation of GREEN tokens. The minimum investment amount was $3000.
The company assured investors that GREEN tokens were needed to build a “global decentralized energy system.” Plus, investors were promised a monthly income of 40% to 50%.
Green United claimed that the Green Boxes equipment was real and that the company should control and maintain them.
But according to the SEC, Green United has never been involved in green mining. They did not have the decentralized Green Blockchain. And GREEN tokens are ordinary tokens on the Ethereum blockchain.
Additionally, Green United used investor funds to purchase S9 Antminers rigs. On this equipment, they mined bitcoins. Naturally, investors did not know about this. And did not receive their BTC.
The case will now be considered by an American court.