The Texas State Securities Board has issued an emergency cease and desist order against the fraudulent bitcoin (EXANTE: Bitcoin) mining company Ultra BTC Mining LLC.
According to the regulator, Ultra Mining offered to invest in computing power for mining and promised investors a "promising eye-opening returns."
The company said that for the $10000 invested, the increase would be approximately $10 500, and for $ 50000 it would be $52000.
The mining company also promised a percentage for new attracted investors and claimed that it would donate to the fight against coronavirus.
In total, Ultra Mining attracted $18 million in investments. The watchdog claims the company was not registered for the sale of securities in Texas and did not disclose information about the financial results of mining operations. Ultra Mining has 31 days to challenge the ruling.
Previously the US Securities and Exchange Commission (SEC) froze the assets of the crypto project Meta 1 Coin. According to the regulator, one of the project's organizers is David Schmidt, a former Washington State Senator.
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