The U.S. Securities and Exchange Commission (SEC) has filed suit against Green United, alleging the Utah-based company violated federal securities laws by selling $18 million worth of phony crypto mining equipment.
According to the SEC’s complaint, Green United and two individuals – the company’s founder, 46-year-old Utah resident Wright Thurston, and its main promoter, 43-year-old Utah resident Kristoffer Krohn – offered investments in $3,000 “Green Boxes,” specialized crypto mining machines that purported to mine GREEN tokens on the Green Blockchain.
However, according to the SEC, Green United’s mining machines never mined GREEN, because GREEN was not a mineable crypto asset and the so-called Green Blockchain didn’t exist. Instead, Thurston allegedly created GREEN tokens himself on the Ethereum blockchain and distributed them to investors’ wallets “several months” after he and Krohn started selling the machines to investors in April 2018.
Source: SEC Accuses Utah-Based Green United of Running $18M Crypto Mining Scam