Green United fails to dismiss SEC lawsuit alleging it ran $18 million crypto mining scam

Green United LLC has failed to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission, which accused its executives of operating a fraudulent cryptocurrency mining scheme that earned $18 million from investors. Defendants Wright Thurston and Kristoffer Krohn, who operated Green United LLC, were accused by the SEC in March of selling “Green Boxes” and “Green nodes” (miners of GREEN tokens on the Green blockchain). In her ruling on September 23, Judge Ann Marie McIff Allen said the defendants failed to refute the SEC’s securities allegations, saying they “sufficiently alleged all the necessary elements of a security in the form of an investment contract.” The judge refused to dismiss the SEC’s fraud charges against Thurston, saying his actions created the “illusion” that investors could earn GREEN tokens through mining. (Cointelegraph)