SEC Freezes Assets of Crypto Mining Firm Involved in $50M Fraud Scheme

08/03 16:35

The U.S. Securities and Exchange Commission has taken emergency action against Digital Licensing Inc., a crypto mining firm accused of fraud. The SEC has frozen the company's assets and obtained a restraining order against it, as well as taking action against its four principals and 13 other defendants. The regulator alleges that the defendants raised $50m and unspecified amounts of Bitcoin and Ethereum through a fraudulent scheme, misappropriating the funds to buy luxury items and taking lavish vacations. The SEC has charged a total of 18 defendants for selling unregistered securities offerings and seeks permanent injunctive relief, the return of alleged ill-gotten gains, and civil penalties.

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