The US Securities and Exchange Commission (SEC) accused the Green United mining company of using the funds they obtained for their own benefit by deceiving investors with promises that would not come true.
Green United founder to SEC, Utah district court Wright Thurston and organizer Kristoffer Krohn filed a complaint against him. Based on the complaint, the mining company green Boxes from its investors by promising an environmentalist mining proposal called $18 million but did not fulfill his promises. The SEC described the incident as a fraud.
According to SEC reports, the company $3,000 Green Box packages presented it as a mining offer to its customers. According to the proposal, investors, thanks to their $3,000 contribution Green Blockchain They would contribute to the mining of the GREEN token on it and receive a share in return. But this promise never materialized as it was launched.
The company purchased devices such as the Antminer S9 with the funds it obtained during the process. Bitcoin (BTC) mined and used these revenues for his own interests. In this process, the Green Blockchain was not implemented and investors never did GREEN mining as they thought.
Among the findings of the SEC, it was stated that the GREEN token was produced on the Ethereum (ETH) network “a few months” after the first hardware sale to investors.
In this investment proposal, which resembles a kind of Ponzi scheme, Green United periodically increased the circulating GREEN supply to create the image of a successful mining operation and distributed this supply to its investors in order to attract new investments.
The token in question could not be traded on exchanges until autumn 2020, and when the market enters, albeit with a delayed $0.02 compared to the initial price promise from $0.004 started processing. Among the company’s claims is that the GREEN token per month 50%It was also stated that it would provide a return of up to .