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U.S. regulators shut down $18 Million Ultra Mining scam

Authorities in the United States had shut down Ultra Mining scam, but not before it duped investors to the tune of $18 million. A fraudulent scheme running under the garb of Ultra Mining has been ordered shut by the local authorities.

Joint efforts of the ‘Texas State Securities Board’ (TSSB) and the ‘Alabama Securities Commission’ (ASC) led to the discovery of a crypto mining scheme promising to double investor amount using via cloud mining operation. Ultra Mining scam guaranteed to double the investor amount in a short timeframe. Additionally, the scheme promoted a huge upcoming rise in Bitcoin price, attractive affiliate programs, and also contribute towards COVID-19 charity.

Ultra Mining Scam hid under layers of BTC mining services

The $18 million Ultra Mining scam asked participants to invest in hash power. The agencies think this is equivalent to selling unregistered securities. The firm did not register with the appropriate authorities before undertaking the sale of securities. The misleading claims pertaining to returns is also akin to scamming. Therefore, they are liable to be charged under fraudulent practice prevention regulations. Read More...