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Cryptoassets & Blockchain Legal News

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United States

Cryptos mining firms lose against the SEC

June 5, 2017 by Beatrice OZANNE

Back in December 2015, the SEC sued two cryptocurrency mining firms – GAW and Zen Miner, and their CEO Homero Josh Garza, for the operations of a Ponzi scheme and securities law violations and the recent decision brings the SEC’s legal efforts to a close.

The ruling requires GAW and Zen Miner to disgorge their profits and prejudgment interest amounting to 10,078,331 USD and 305,768 USD respectively. That is on top 1 milling USD of civil penalties – apiece.

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