SEC Sues Mining Automatic Over Alleged $22M Crypto Mining Scam

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Mining Automatic and its founder, alleging a $22M crypto mining scheme.

The SEC claims that Mining Automatic and its founder misrepresented the profitability of their cryptocurrency investment opportunity to investors, leading them to invest millions of dollars in what turned out to be an unregistered securities offering.

The lawsuit alleges that the defendants made false or misleading statements about the expected returns on investments, which were supposedly guaranteed at 20% per month.