1. SipPop GamesHome
  2. Metaverse Matters

SEC Sues Green United for Selling Counterfeit Encryption Mining Equipment

• Metaverse Matters • 153 views

It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of vio…

SEC Sues Green United for Selling Counterfeit Encryption Mining Equipment

It is reported that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the Utah based company of violating the federal securities law by selling counterfeit encryption mining equipment worth $18 million. According to the SEC’s complaint, Green United and its founder, Wright Thurston, as well as its main promoter, Kristoffer Krohn, provided investors with a “green box” investment of $3000, which is a cryptocurrency excavator specially used to mine GREEN tokens on Green Blockchain. It is said that investors were told that the mined GREEN tokens support the “global public decentralized power grid” and generate a significant return of 40% to 50% per month.

US SEC filed a lawsuit against Green United

Interpret the above information:


The United States Securities and Exchange Commission (SEC) recently filed a lawsuit against Green United for violating the federal securities law by selling counterfeit encryption mining equipment worth $18 million. Green United, a Utah based company, and its founder Wright Thurston, and main promoter Kristoffer Krohn are accused of providing investors with a “green box” investment of $3000, which is a cryptocurrency excavator specifically designed to mine GREEN tokens on Green Blockchain.

According to the SEC’s complaint, investors were told that the mined GREEN tokens were used to support the “global public decentralized power grid” and would generate a return of 40% to 50% per month. However, these statements were found to be false and misleading, as the mining equipment sold by Green United was counterfeit.

This lawsuit underlines the importance of adhering to securities laws and regulations to protect investors from fraudulent investment schemes. Green United’s misconduct threatens to undermine investor confidence in cryptocurrency and blockchain technology, which have gained significant traction in recent years.

Counterfeiting is a serious issue in the mining equipment industry, as it undermines the integrity of blockchain technology and creates a significant risk for investors. By selling fake equipment, Green United defrauded its investors and damaged the reputation of the blockchain industry.

The SEC’s lawsuit against Green United serves as a warning to all companies in the cryptocurrency space to adhere to the highest standards of ethical and legal practices. Moreover, it highlights the need for regulatory oversight to prevent fraudulent activities in this rapidly growing sector.

In conclusion, the SEC’s lawsuit against Green United for selling counterfeit encryption mining equipment worth $18 million is a necessary step to protect investors and maintain the integrity of the blockchain industry. The cryptocurrency industry must be regulated to ensure that investors are not harmed by fraudulent activities, and that the integrity of the industry is preserved.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/9666.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/07/2023 22:52
Next 03/07/2023 23:23

Related recommendations