Saturday, 25 May 2024

Crypto News

SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

SEC Bitcoin miner Geosyn Mining for fraud

  • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
  • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
  • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

Let’s delve into the details of these developments.

SEC’s charges against Geosyn Mining and its co-founders

According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

Bitbot: a Telegram bot revolutionizing crypto trading

While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

Bitbot presale…

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