SEC Charges Green United with $18 mln Scam Involving ‘Green Boxes’

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Green United, accusing the company of defrauding investors of $18 mln through the sale of phony cryptocurrency mining equipment called ‘Green Boxes’. Between April 2018 and December 2020, more than 10,000 investors were lured by promises of high returns from mining a non-existent cryptocurrency called GREEN.

According to the SEC, Green United claimed that the ‘Green Boxes’ would mine cryptocurrency and generate monthly profits of 40–50% for investors. However, investors never received any equipment, and the funds were diverted elsewhere. Instead, the company provided investors with worthless GREEN tokens created on the Ethereum blockchain.

The SEC alleges that Green United’s actions violate federal securities laws and is seeking to return funds to investors, as well as impose penalties on the company and its executives. This case highlights the importance of caution when investing in cryptocurrency projects and the need for thorough due diligence on companies offering high-yield schemes.