A crypto mining company raised $22 million from 380 investors. Only 13% of it ever touched actual mining equipment.


The Securities and Exchange Commission (SEC) is suing Mining Automatic and its founder, alleging the rest went to marketing new investors and unrelated personal expenses, while promising steady monthly returns a mining operation can't actually guarantee. Investors are still owed at least $20 million.
There's one specific promise in the pitch that regulators say is always a warning sign, no matter which company is making it.
Read the full story on UseTheBitcoin:
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