Green United LLC’s bid to dismiss the SEC’s lawsuit has failed. The SEC has accused the company’s executives of defrauding investors of $18 million.

Green United executives Wright Thurston and Kristoffer Krohn filed fake securities under the names “Green Boxes” and “Green nodes” to mine GREEN tokens. Judge Ann Marie McIff Allen found the SEC’s allegations sufficient and did not dismiss the lawsuit.

The SEC said the hardware Green United sold actually mined Bitcoin and that the promised GREEN blockchain never existed. Investors have not received the promised Bitcoins.

The lawsuit is ongoing. Share your thoughts in the comments.