March 19, 2023
Cryptocurrency is becoming more of a household topic, but it’s still relatively new. Due to the recent emergence of this entire monetary network, rules and regulations took some time to catch up. It’s important to recognize, though, that now, you can get arrested for committing various crimes with cryptocurrency.
One rising crime is crypto mining scams.
Recently, the Securities and Exchange Commission (SEC) initiated a suit against Green United, a Utah-based company. The SEC alleges that the company violated federal security laws by advertising and selling over $18 million worth of fraudulent crypto mining equipment. The SEC further alleged that two individuals – Wright Thurston and Kristoffer Krohn – allegedly advertised investments of up to $3,000 in “Green Boxes”.
These Green Boxes were supposed to be specialized crypto mining machines capable of mining green tokens that could be used on the green blockchain. Investors were lured into the scam and told that the green tokens helped support a decentralized power grid. They also claimed that the tokens could generate up to a 50% monthly return.
Further, these alleged Green machines would be remotely hosted, so investors would never directly be able to control them. The generated tokens would then be distributed to investors.
According to the SEC, the whole thing was a fraud and the mining machines never mined green. In fact, green wasn’t even a real minable cryptocurrency. As a result of the investigation, the SEC is seeking a permanent injunction against Green United and the two individuals Thurston and Krohn. These individuals will also likely face significant civil penalties.
Cryptocurrency fraud is a serious ordeal. It’s not the only type of crime that’s cryptocurrency-related, though. What’s more, cryptocurrency is a global ordeal, so cryptocurrency crimes can be prosecuted globally. If you commit a cryptocurrency investor scheme that has global implications, then you could potentially face criminal charges in various different countries.
Have you recently been accused of committing a digital crime using cryptocurrency? If so, then it’s in your best interests to consult with an attorney as soon as possible. Here at Bukh Global, we can help you navigate the complexities of your charges and help you identify a solid defense strategy to use in court.
Schedule a case evaluation by leaving your contact information on our online form now to discuss your situation in more detail with our lawyers.