SEC files fraud lawsuit against Bitcoin miner Geosyn Mining
The U.S. Securities and Exchange Commission (SEC) has taken legal action against Geosyn Mining, a prominent Bitcoin mining company, alleging fraudulent activities. The lawsuit, filed in a federal court, marks a significant development in the regulatory landscape surrounding cryptocurrency operations. Geosyn Mining, known for its extensive Bitcoin miner operations and presence in the digital currency sector, is now in a legal battle with the SEC over allegations of deceitful practices.
- SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
- Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
- The $BITBOT presale nears $3M, with the token poised to rise from the current $0.0171 to $0.018.
Caleb Joseph Ward and Jeremy George McNutt, the co-founders of Geosyn Mining, LLC, a Bitcoin miner, have been charged by the Securities and Exchange Commission (SEC) for allegedly cheating investors out of $5.6 million.
A non-custodial Telegram trading bot, Bitbot, is almost $3 million in its presale.
Let’s examine these trends in more detail.
SEC’s charges against Geosyn Mining and its co-founders
In a federal court in Texas, the SEC filed a complaint alleging that between November 2021 and December 2022, Geosyn raised around $5.6 million from more than 60 investors.
The U.S. Securities and Exchange Commission (SEC) claims that the company deceived investors by claiming to buy, maintain, and run cryptocurrency mining equipment and offering to pay investors for the distribution of mined assets, such as Bitcoin. According to the SEC, Geosyn misrepresented the terms of its agreements with electricity suppliers, omitted to reveal that it had never bought specific Bitcoin miner equipment, and failed to deliver on its commitments of services. Additionally, Ward and McNutt are charged with embezzling around $1.2 million for their benefit. The SEC is suing Ward and McNutt for civil fines, disgorgement with prejudgment interest, and permanent injunctions.
Bitbot: a Telegram bot revolutionizing crypto trading
Bitbot, a cutting-edge non-custodial Telegram trading bot that seeks to democratize cryptocurrency trading, creates waves with its token presale while the U.S. SEC pursues Geosyn Mining LLC. Bitbot provides users with institutional-grade tools in a safe and user-friendly package in addition to its token presale, enabling them to trade straight from Telegram while keeping control over their assets. It works with wallets that allow users to control their funds and keys through integration.
The platform uses a decentralized security system called KnightSafe to secure trading activities. Users with varying degrees of trading experience can utilize its array of trading tools, which include automatic sniping, limit orders, copy trading, and yield optimization.
Bitbot presale nears $3 million
Recent events show Bitbot’s presale is getting closer to $3 million. The crypto community has shown great interest in the presale. Which gives investors the chance to purchase $BITBOT tokens, Bitbot’s native utility coin. As of this writing, $2,900,178 has been raised. Before the price rises to $0.018 in the subsequent stage, investors can buy the $BITBOT token at the current rate of $0.0171 per token.
Investors can participate in the presale by importing or creating a smart contract wallet on Telegram. After the presale ends, investors can use Bitbot’s official website to claim their $BITBOT tokens. Owners of $BITBOT tokens will gain access to exclusive presales, unique benefits, and income sharing. And a voice in Bitbot’s strategic direction through governance.
Conclusion
In addition, Bitbot’s successful presale underlines the growing desire for cutting-edge trading solutions in the cryptocurrency market. At the same time, the SEC’s legal action against Geosyn Mining emphasizes the significance of regulatory compliance in the industry.
As Bitbot keeps transforming cryptocurrency trading, investors look forward to the platform’s next advancements and growth.
