January 10, 2022 09:38 pm
Original Link: https://www.theverge.com/2022/1/10/22876900/sec-crowd-machine-craig-sproule-crypto-decentralized-aws-gold-mine
SEC charges decentralized Amazon Web Services competitor with scamming investors
The US Securities and Exchange Commission has charged the would-be creator 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 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. He compared the...
Original Link: https://www.theverge.com/2022/1/10/22876900/sec-crowd-machine-craig-sproule-crypto-decentralized-aws-gold-mine
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