The SEC's lawsuit argues that Green United lured investors into a multi-level marketing scheme, fraudulently selling non-existent crypto mining equipment while allegedly pocketing $18 million.
The Green Blockchain, which the company claimed supported a global decentralized power grid, was entirely fabricated, and investors never received the promised mining machines.
Judge Ann Marie McIff Allen determined that the SEC sufficiently established the existence of a security—specifically the ‘Green Boxes’—allowing the fraud allegations to move forward.
Green United's founder is accused of using investor funds to buy actual bitcoin mining machines, later distributing worthless tokens instead of the promised returns.
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