Texas Takes Action Against Crypto Company Promising 200% Profit

Cease and Desist Order

The investments in the cryptocurrency mining program are ‘securities’ … Respondents are engaging in fraud in connection with the offer for sale of securities … [and] are making offers containing statements that are materially misleading or otherwise likely to deceive the public.

200 Percent Return Guaranteed
According to the order, Aws Mining’s website claims that the company is mining cryptocurrency through farms located in Guangzhou, China; Ingushetia, Russia; Ciudad del Este, Paraguay; Anhui, China; and Hebei, China.
Furthermore, the order noted that “Although potential investors are led to believe they will receive a 200% return on principle invested in crypto mining power contracts,” Aws Mining “is now disclaiming the guarantee of profitability and instead representing that investors assume the risks associated with the investment.” The board subsequently concluded that the companies and individuals named in the order “are engaging in other illegal, fraudulent, deceptive, and/or misleading practices in connection with the offer of crypto mining power contracts to Texas residents.” What do you think of Texas taking action against Aws Mining? Let us know in the comments section below.They are also telling potential investors the crypto mining power contracts pay a ‘200% passive return on every investment.’
Images courtesy of Shutterstock and Texas State Securities Board.
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aws mining BTC Cease and Desist crypto Digital Currency Fraud N-Economy order Regulation regulator Securities securities board Texas Virtual Currency