of a “decentralized” Amazon Web Services alternative with scamming investors out of millions. The SEC announced a complaint on Friday against Australian citizen Craig Sproule, the CEO of cryptocurrency startup Crowd Machine, which promised a global cloud computing network built on users’ computers. In reality, Sproule allegedly sent $5.8 million to South African gold mines as investors’ cryptocurrency tokens became worthless.
Crowd Machine ran into trouble several months after it began raising money. In mid-2018, it reported that
Until there’s more regulation, this will just keep happening. It’s actually scary how many jumped on the bandwagon and will likely soon be a part of a crash the size of the housing market one.
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