Green United LLC is facing serious legal trouble after a lawsuit by the U.S. Securities and Exchange Commission (SEC) accused its leaders of running a fraudulent crypto mining scheme. The SEC claims that Green United, led by Wright Thurston and Kristoffer Krohn, collected $18 million from investors by selling “Green Boxes” and “Green nodes.”
These were marketed as devices that would mine a cryptocurrency called GREEN on a supposed “Green Blockchain,” which, according to the SEC, never even existed.
A recent court ruling on September 23 allowed the lawsuit to continue. Judge Ann Marie McIff Allen stated that the SEC had enough evidence to prove that Green United’s offerings were investment contracts, making them subject to securities laws.
She also highlighted how Thurston allegedly deceived investors, making them believe they were mining GREEN tokens when the distribution was controlled by Thurston himself. The SEC also claims that the devices sold were Bitcoin mining rigs, but none of the investors ever received Bitcoin either.
Thurston and Krohn attempted to dismiss the case, arguing that the SEC lacked authority over digital assets. However, the judge rejected this claim, stating that the SEC was enforcing regulations that have existed for decades. Now, the case will move forward, likely leading to further investigations or a trial.
