{"id":632351,"date":"2026-07-20T20:53:43","date_gmt":"2026-07-20T20:53:43","guid":{"rendered":"https:\/\/e-bitco.in\/index.php\/2026\/07\/20\/sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme\/"},"modified":"2026-07-20T20:53:43","modified_gmt":"2026-07-20T20:53:43","slug":"sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2026\/07\/20\/sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme\/","title":{"rendered":"SEC sues Mining Automatic and founder over alleged $22M crypto mining scheme"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/s3-images.ctmedia.io\/media\/article-covers\/hi-ponzi-vs-pyramid-schemes-whats-the-difference.png\" alt=\"SEC sues Mining Automatic and founder over alleged $22M crypto mining scheme\" class=\"type:primaryImage\" \/><\/p>\n<p>The SEC alleges Mining Automatic and its founder raised $22 million from investors by promising guaranteed crypto mining returns while spending only a fraction of the funds on mining operations.<\/p>\n<p>The US Securities and Exchange Commission (SEC) has sued crypto mining investment business Mining Automatic and its founder, Zan Shaikh, alleging they raised $22 million from investors while spending only about 13% of the funds on mining operations.<\/p>\n<p>Mining Automatic was operated by Massachusetts-based Bright Vision Distribution LLC, which the SEC said raised the money from more than 380 investors between June 2023 and May 2025.<\/p>\n<p>The company allegedly promised guaranteed monthly returns from crypto asset mining despite operating a business that could not generate the advertised payouts. The SEC said investor money was instead used for marketing, personal expenses and unrelated ventures.<\/p>\n<p><a href=\"https:\/\/cointelegraph.com\/news\/sec-sues-mining-automatic-and-founder-over-alleged-22m-crypto-mining-scheme\">Read more<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The SEC alleges Mining Automatic and its founder raised $22 million from investors by promising guaranteed crypto mining returns while spending only a fraction of the funds on mining operations. The US Securities and Exchange Commission (SEC) has sued crypto mining investment business Mining Automatic and its founder, Zan Shaikh, alleging they raised $22 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":632352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":{"0":"post-632351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blockchain"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/632351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=632351"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/632351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/632352"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=632351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=632351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=632351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}