United

Green

April

The legal battle between the U.S. Securities and Exchange Commission (<a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">SEC</a>) and Green United has reached a critical turning point. A federal judge in Utah has stated that the so-called crypto mining 'boxes' can be considered securities. This ruling is based on SEC's allegations, claiming that Green United defrauded investors by selling them phony cryptocurrency <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">mining equipment</a>. 
Green United promised investors high returns from investing in 'Green Boxes', which they claimed would mine a non-existent cryptocurrency called GREEN. The company raised approximately $18 mln from over 10,000 investors between April 2018 and December 2020. Investors never received the promised equipment, and the funds were used for the personal enrichment of the company's executives. 
The judge noted that 'Green Boxes' could be considered investment contracts, falling under the definition of securities according to the Securities Act of 1933. This decision allows the SEC to proceed with its prosecution, moving the case into a full trial. Experts believe this could set a precedent for future cases involving cryptocurrency investments.

Court Declares Crypto Mining ‘Boxes’ as Securities in SEC’s Case Against Green United

Ultramining_Eng

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