The defendants are accused of operating a fraudulent crypto-mining operation that sold mining equipment for a blockchain that didn’t exist.
Green United LLC has lost its bid to dismiss a lawsuit from the United States Securities and Exchange Commission, which has accused its executives of operating a fraudulent crypto mining scheme that raked in $18 million from investors.
Defendants Wright Thurston and Kristoffer Krohn — who operated cryptocurrency mining firm Green United LLC — were accused by the SEC of fraudulently offering securities in March after selling “Green Boxes” and “Green nodes” marketed as miners for the GREEN token on the “Green Blockchain.”
In the Sept. 23 decision, Judge Ann Marie McIff Allen said the defendants failed to rebut the SEC’s securities allegations, stating that the “SEC has adequately alleged all necessary elements of a security in the form of an investment contract.”
