SEC charges mining company with $50 million cryptocurrency scam

The SEC has charged mining company DEBT Box with a $50 million cryptocurrency scam

DEBT Box executives sold unregistered securities under the guise of "software mining licenses"

The U.S. Securities and Exchange Commission (SEC) has accused mining company Digital Licensing, also known as DEBT Box, of illegally raising $50 million in fiat currencies and unnamed amounts in Bitcoin and Ethereum.

The SEC alleges that DEBT Box executives sold unregistered securities under the guise of "software mining licenses." The executives promoted them on social media and at special events. Investors were promised big profits due to the fact that these licenses allegedly generate different cryptocurrencies through mining.

The agency froze the company's assets and also took action against four of its executives and 13 other defendants. The commission requested a permanent injunction against DEBT Box, the return of illegally obtained funds, and the imposition of administrative fines.