SEC sues Mining Automatic and founder over alleged $22M crypto mining scheme
The SEC sued Mining Automatic and founder Zan Shaikh for allegedly raising $22M from over 380 investors but spending only about 13% on mining operations. The SEC claims the scheme had Ponzi-like hallmarks, with $1.1M in mining revenue and $1.8M paid in returns, leaving over $20M in principal unpaid.
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