Inexperienced United’s founder, Will Thurston (who, together with promoter Kristoffer Krohn, can be named as a defendant within the lawsuit), allegedly used the cash traders gave him for the phony Inexperienced Containers and used it to purchase S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. In accordance with the SEC, traders didn’t see any of the particular bitcoin (BTC) their purchases mined, however as an alternative obtained periodic distributions of nugatory GREEN tokens created by Thurston on the Ethereum blockchain.
