SEC suspends lawsuit against cryptocurrency mining company Geosyn Mining

On February 17th, according to Cointelegraph, the US Securities and Exchange Commission (SEC) has suspended lawsuits against cryptocurrency mining company Geosyn Mining. The FBI indictment states that these executives are suspected of defrauding customer funds by promising to purchase and host Bitcoin mining machines for customers, but actually misappropriating the funds for personal expenses. The SEC previously stated in its lawsuit that Ward and McNutt were suspected of defrauding approximately 64 investors of $5.6 million between November 2021 and December 2022.