United

Bitcoin

Green

April

Green United LLC has failed in its attempt to dismiss an $18 mln lawsuit filed by the U.S. Securities and Exchange Commission (<a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">SEC</a>) alleging crypto mining fraud. Judge Ann Marie McIff Allen denied the company's motion to dismiss, stating that the SEC had provided sufficient evidence to proceed with the case.
Green United and its executives, Wright Thurston and Kristoffer Krohn, are accused of selling <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a> for the non-existent GREEN blockchain. According to the SEC, from April 2018 to December 2022, the company raised approximately $18 mln from investors, promising them profits from mining the GREEN token, which in reality did not exist.
The court found that instead of GREEN mining equipment, investors were sold standard Bitcoin mining devices that did not yield the promised returns. The SEC claims that investors received no actual profits and were misled. As a result, the legal proceedings will continue, and Green United will have to answer serious fraud charges.

Green United Loses $18 mln SEC Lawsuit Over Crypto Mining Fraud

Ultramining_Eng

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