SEC accuses Green United of running crypto mining scam

						Array
(
    [ppma_authors_name] => Array
        (
            [0] => David Kent
        )

    [classic-editor-remember] => Array
        (
            [0] => classic-editor
        )

    [_edit_lock] => Array
        (
            [0] => 1678208077:19
        )

    [_edit_last] => Array
        (
            [0] => 19
        )

    [_thumbnail_id] => Array
        (
            [0] => 16806
        )

    [_wp_page_template] => Array
        (
            [0] => default
        )

    [_prlipro-post-options] => Array
        (
            [0] => a:3:{s:14:"requested_slug";s:0:"";s:19:"hide_social_buttons";b:0;s:20:"disable_replacements";b:0;}
        )

    [_bsf_post_type] => Array
        (
            [0] => 0
        )

    [_bsf_item_review_type] => Array
        (
            [0] => none
        )

    [_yoast_wpseo_focuskw] => Array
        (
            [0] => US Securities and Exchange Commission
        )

    [_yoast_wpseo_metadesc] => Array
        (
            [0] => Green United is alleged to have sold $18m worth of phoney crypto mining equipment.
        )

    [_yoast_wpseo_linkdex] => Array
        (
            [0] => 50
        )

    [_yoast_wpseo_content_score] => Array
        (
            [0] => 60
        )

    [_yoast_wpseo_estimated-reading-time-minutes] => Array
        (
            [0] => 2
        )

    [_yoast_wpseo_wordproof_timestamp] => Array
        (
            [0] => 
        )

    [post_introduction] => Array
        (
            [0] => Green United is alleged to have sold $18m worth of phoney crypto mining equipment.
        )

    [_post_introduction] => Array
        (
            [0] => field_5e8bb40d3036a
        )

    [time_to_read] => Array
        (
            [0] => 2 mins read
        )

    [_time_to_read] => Array
        (
            [0] => field_5ea04c4ba2fca
        )

    [in_summary] => Array
        (
            [0] => 
        )

    [_in_summary] => Array
        (
            [0] => field_62542d4010cad
        )

    [ppma_disable_author_box] => Array
        (
            [0] => 0
        )

    [_yoast_wpseo_primary_category] => Array
        (
            [0] => 7
        )

    [_yoast_wpseo_primary_countries] => Array
        (
            [0] => 84
        )

)

Updated March 7, 2023 | Published March 7, 2023

2 mins read

Green United is alleged to have sold $18m worth of phoney crypto mining equipment.

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Green United.

The SEC alleged that the Utah-based company violated federal securities laws by selling $18m worth of phoney crypto mining equipment.

The SEC said Ryan Alexander Black, the founder of Green United, defrauded at least 400 investors between 2017 and 2022 by offering contracts to mine cryptocurrencies, promising them up to 15 times their investment in profits.

Investors were also told the success of their investments depended on Green United maintaining control of their “Green Boxes” which would be remotely hosted at a Green United-controlled data centre with GREEN tokens generated by their machines and distributed to investors.

The company never conducted any mining activities and did not generate any profits from trading. The SEC alleges Black used investors' money to fund a lavish lifestyle, purchasing luxury vehicles and jewellery.

According to the SEC, Green United’s mining machines never mined GREEN, because GREEN was not mineable crypto and the Green blockchain didn’t exist.

The SEC have been coming down hard on potential crypto scammers and recently froze the assets of Miami-based investment advisor BKCoin Management who were accused of using $100m from 55 investors to maintain its executives luxurious lifestyles.

The SEC is urging investors to be cautious of fraudulent investment schemes that promise high returns with low risks, as they are often too good to be true.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.
Best Casinos to play with…
Bitcoin
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
The Ledger: Crypto criminals face pressure, new regulation rolls in
The Ledger: Kraken launches crypto bank, TSM has new sponsor

Similar News

Blockchain 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 181
            [name] => Blockchain
            [slug] => blockchain
            [term_group] => 0
            [term_taxonomy_id] => 181
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 883
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 4804
            [name] => gaming
            [slug] => gaming
            [term_group] => 0
            [term_taxonomy_id] => 4804
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 51
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5211
            [name] => Immutable
            [slug] => immutable
            [term_group] => 0
            [term_taxonomy_id] => 5211
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 3
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 5041
            [name] => Polygon
            [slug] => polygon
            [term_group] => 0
            [term_taxonomy_id] => 5041
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 32
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 7969
            [name] => Robbie Ferguson
            [slug] => robbie-ferguson
            [term_group] => 0
            [term_taxonomy_id] => 7969
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 2
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 5510
            [name] => web3
            [slug] => web3
            [term_group] => 0
            [term_taxonomy_id] => 5510
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 45
            [filter] => raw
        )

    [6] => WP_Term Object
        (
            [term_id] => 8270
            [name] => zkEVM
            [slug] => zkevm
            [term_group] => 0
            [term_taxonomy_id] => 8270
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Immutable doubles down on web3 gaming with Polygon

21/03/2023|15:11

Gaming firm Immutable and blockchain company Polygon Labs have teamed up to work on solutions to broaden adoption of blockchain...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1668
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 5216
            [name] => crypto.com
            [slug] => crypto-com
            [term_group] => 0
            [term_taxonomy_id] => 5216
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 66
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 1026
            [name] => regulation
            [slug] => regulation
            [term_group] => 0
            [term_taxonomy_id] => 1026
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 659
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 7617
            [name] => Virtual Assets Regulatory Authority
            [slug] => virtual-assets-regulatory-authority
            [term_group] => 0
            [term_taxonomy_id] => 7617
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 2
            [filter] => raw
        )

)

Crypto.com gains preparatory license to operate in Dubai

20/03/2023|18:30

Crypto.com has announced its plans to extend its services in Dubai after receiving its preparatory license from the city’s Virtual...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1668
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 8267
            [name] => Financial Supervisory Commission of Taiwan
            [slug] => financial-supervisory-commission-of-taiwan
            [term_group] => 0
            [term_taxonomy_id] => 8267
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 8269
            [name] => Huang Tien-mu
            [slug] => huang-tien-mu
            [term_group] => 0
            [term_taxonomy_id] => 8269
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 5246
            [name] => NFT
            [slug] => nft
            [term_group] => 0
            [term_taxonomy_id] => 5246
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 265
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 1026
            [name] => regulation
            [slug] => regulation
            [term_group] => 0
            [term_taxonomy_id] => 1026
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 659
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 8268
            [name] => Xrex
            [slug] => xrex
            [term_group] => 0
            [term_taxonomy_id] => 8268
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Taiwan to add crypto to financial watchdog’s remit

20/03/2023|17:29

Taiwan lawmakers are set to name the Financial Supervisory Commission of Taiwan (FSC) as its financial watchdog for cryptocurrency. The...