Green United Promoter to Challenge SEC Fraud Allegations

Christopher Cron, the chief promoter of cryptocurrency mining equipment manufacturer Green United, has filed an appeal against the SEC lawsuit accusing the company of an $18 million securities fraud. This was reported by Cointelegraph.

Cron argues that the regulator’s claims regarding the company’s investment contracts being classified as securities are incorrect. He intends to challenge the SEC’s assertion that purchasing Green United equipment constituted joining a “common enterprise.”

“The SEC has not claimed and cannot claim that buyers had any rights or share in the profits from Green United’s business activities. Thus, Cron was merely selling powerful computer equipment, not securities,” the appeal states.

The plaintiff has urged the court to reassess the facts, considering the novelty of the technologies involved in the case. If successful, the appeal will be reviewed by a commission, a process that may take several months.

In September, a Utah district court already denied Cron, Green United, and its founder Wright Thurston’s motion to dismiss the SEC’s lawsuit, affirming the regulator’s claims about the company’s sale of unregistered securities.

In March 2023, the SEC accused Green United of violating federal laws and committing an $18 million fraud.

According to the complaint, Thurston and Cron sold Antminer S9 devices disguised as “Green Boxes”—specialized equipment for mining “eco-friendly” GREEN tokens, which were in fact counterfeit.