Only 13% Went to Mining: SEC Exposes $22M Crypto Mining Fraud
The SEC charged Zan Shaikh and Mining Automatic with fraud for raising $22 million from 380+ investors, but only 13% went to crypto mining. Most funds funded marketing, Shaikh's personal expenses, and unrelated businesses. Shaikh and Mining Automatic consented to judgments without admitting or denying the allegations.
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