CandleFocus Welcome to the securities family: Court sides with SEC in mining device case
2024-10-02
Author: Content Editor
In a civil fraud lawsuit, a US court has ruled that crypto mining devices sold by Green United are securities, satisfying the claims made by the Securities and Exchange Commission (SEC). The SEC accused Green United of misleading investors and violating the Securities Act by selling fake assets worth $18 million. Green United promoted its business as green mining and offered clients the opportunity to invest in mining equipment, promising monthly returns of up to 50%. However, the SEC found that the company never engaged in green mining and instead used investor funds to mine Bitcoin for its own profits. The court agreed with the SEC's claims and stated that Green United did not mine tokens with its hardware as promised. Green United argued that the SEC's allegations were baseless and that no investors lost money. The SEC has been taking a stricter approach to cryptocurrencies, considering them as securities based on the Howey test.
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