Skip to content

Texas Authorities order AWS Mining to repay investors

Australian mining firm AWS mining (MyCoinDeal) who guaranteed 200% profits on investment has received the order from Texas authorities to repay investors’ money. Sydney-based AWS also known as Mycoindeal, provides wallet services to investors issued by AWS Mining. The order states that investment in cryptocurrency mining program is considered “securities” and the company has engaged in fraud by connection with offering them for sale. The order further states that the company has made statements that are misleading and can deceive investors.

Texas authorities claimed that AWS mining is breaking the law by offering securities as the firm is not registered with the state’s Securities Commissioner. According to AWS, the company is using farms in China, Russia, and Prague to mine cryptocurrencies.

The company is issuing “investments in cryptocurrency mining” referred to it as crypto mining power contract, and each contract offered a 200 percent profit on the purchase. The order also notified that the company is using a multi-level marketing network of sales agents and they are hiring new agents on social media to sell these contracts.

Furthermore, the order notified that the company previously claimed to give 200 percent profit, but later disclaimed investors assume the risks associated with the investment. The company has agreed to repay all the Texas investors who purchased contracts.

The Texas authority has been very active in tackling fraud related to cryptocurrencies. Earlier this year when Texas Securities Commissioner Travis J. ordered three emergencies cases against promoters of fraudulent cryptocurrency-related investments which are scamming Texas residents.

Latest