The Texas State Securities Board (1) has taken immediate actions on a BTC mining firm, which resulted in a cease and desist order. This was filed against Ultra Mining firm by TSSB and Alabama Securities. The firm accused of registration violations, fraud, and ignorance on disclosing the critical information related to its operations.
This BTC Mining company and their agent Laura Branch were running a fraud system that mostly targeted the economically weak and vulnerable citizens of Texas, and they also had refused to verify a $100,000 donation to UNICEF (2) to purchase medical equipment related to Coronavirus. The TSSB concluded that this donation was ultimately “fraudulent.”
$18 Million raised in Texas
Ultra has offered a two-year contract for rented hash power, which is currently priced at $40 per 0.1 TH/s. The firm is claiming that its investors can reap and expect a 105 percent annual return.
Even though the firm raised approximately $18 million from the citizens of Texas, TSSB released a statement that briefed that the firm had not yet registered its offering.
