DeFi Intel

SEC targets Mining Automatic over alleged $22M crypto mining fraud

The SEC sued Mining Automatic and owner Zan Shaikh for allegedly raising about $22 million from over 380 investors through a fraudulent crypto mining operation. The SEC alleges only about 13% of funds went to mining costs, with much spent on marketing and personal expenses. Shaikh and Mining Automatic consented to court judgments without admitting or denying allegations.

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