SEC charges ‘decentralized’ Amazon Web Services competitor with scamming investors

1/11/2022 12:38:00 AM

Cryptocurrency startup Crowd Machine never delivered.

SEC charges 'decentralized' Amazon Web Services competitor with scamming investors

Cryptocurrency startup Crowd Machine never delivered.

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.

An SEC complaintsays that Sproule collected at least $33 million through an initial coin offering (or ICO) to build a decentralized “Crowd Computer” platform, which he claimed was “battle-tested” by Fortune 500 companies. He compared the service to AWS and Microsoft’s Azure and said that Crowd Machine Compute Tokens (CMCTs) could be worth between $10 and $600 apiece. But the complaint says he made false and misleading statements, and this platform was never built as advertised. Instead, Crowd Machine hosted its system on centralized servers.

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SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme – Regulation Bitcoin NewsThe “Man behind the Machine” began diverting more than $5.8 million from the proceeds to gold mining entities in South Africa without disclosing this to investors. crypto cryptocurrency how can i use this from multiple wallets? Im sure this won't factor in the favor of Ripple and by that I mean all the worlds a stage digitalassetbuy I can’t really explain how I feel each time I get my payment into my Bitcoin wallet.. all I can say is thanks to you rachelwolfson_

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charged the would-be creator of a “decentralized” Amazon Web Services alternative with scamming investors out of millions."I think what people need to understand is that Ukraine is important, and we are resolute in our commitment to its sovereignty, its territorial integrity," Blinken said at the time.paul.12 seconds ago SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme The U.

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.  Russian President Vladimir Putin urged Western nations to make pledges to limit expansion and activities as he prepared for discussions with President Biden.8 million to South African gold mines as investors’ cryptocurrency tokens became worthless. 10, 2022 8:03 am ET WASHINGTON—The Securities and Exchange Commission is preparing to force more transparency from big private companies, as regulators grow concerned about the lack of oversight of the private fundraising that has fueled their rise. An SEC complaint says that Sproule collected at least $33 million through an initial coin offering (or ICO) to build a decentralized “Crowd Computer” platform, which he claimed was “battle-tested” by Fortune 500 companies. Putin claimed the U. He compared the service to AWS and Microsoft’s Azure and said that Crowd Machine Compute Tokens (CMCTs) could be worth between $10 and $600 apiece.” The two companies are Crowd Machine Inc.

But the complaint says he made false and misleading statements, and this platform was never built as advertised. had responded positively to the security proposal and said he was hopeful about negotiations next year in Geneva,  reported. in recent decades, allowing firms to acquire funding from institutions and wealthy individuals without the regulatory burdens of going public. Instead, Crowd Machine hosted its system on centralized servers. The decentralized network allegedly ran on a centralized computer system The ICO itself allegedly wasn’t registered with the SEC and Crowd Machine didn’t verify whether investors were accredited as required by law. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox Arrives. And as Sproule attempted to raise money, Crowd Machine allegedly sent $5.8 million of the funds to gold mines in South Africa without informing investors.7 million in an initial coin offering (ICO) of Crowd Machine Compute Tokens (CMCTs).

It described the transfers as loans or purchases of equity interest — but the gold mining operations, the complaint reports, “returned no revenue.” Crowd Machine ran into trouble several months after it began raising money. In mid-2018, it reported that .