Green United's request to dismiss the $18 million cryptocurrency mining fraud case was denied
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Green United's request to dismiss the $18 million cryptocurrency mining fraud case was denied
According to Cointelegraph, on September 23, 2024, a U.S. court in Utah denied the motion to dismiss filed by Green United LLC and its executives Wright Thurston and Kristoffer Krohn. The U.S. Securities and Exchange Commission (SEC) accused them of operating a fraudulent cryptocurrency mining scheme that raised approximately $18 million illegally. Judge Ann Marie McIff Allen found the SEC's allegations sufficient, noting that Green United allegedly sold so-called "Green Boxes" and "Green nodes," claiming they could mine GREEN tokens on a non-existent "Green Blockchain." In reality, these devices were Bitcoin mining machines, and investors did not receive any mined bitcoins. The judge also rejected the defendants' argument that the SEC lacks authority to regulate digital assets. The case will now proceed to the next phase of legal proceedings, possibly discovery or trial.
Navigating Web3 tides with focused insightsTechFlow news, on September 24, according to Cointelegraph, a U.S. court in Utah rejected on September 23, 2024, the motion to dismiss filed by Green United LLC and its executives Wright Thurston and Kristoffer Krohn. The U.S. Securities and Exchange Commission (SEC) accused them of operating a fraudulent cryptocurrency mining scheme that illegally raised approximately $18 million. Judge Ann Marie McIff Allen ruled that the SEC's allegations were sufficient, finding that Green United allegedly sold so-called "Green Boxes" and "Green nodes," claiming they could mine GREEN tokens on a non-existent "Green Blockchain." In reality, these devices were Bitcoin mining machines, and investors did not receive any mined Bitcoin. The judge also rejected the defendants' argument that the SEC lacks authority to regulate digital assets. The case will now proceed to the next phase of legal proceedings, which could include discovery or trial.
