Texas Securities Board Shuts Down Cloud Mining Firm over Unregistered Offerings


The Texas State Securities Board (TSSB), filed an emergency cease and desist order on April 8, against the firm, Ultra BTC Mining.

Reportedly, Ultra Mining and Laura Branch, the company’s agent, were offering an option for investors, claiming they will receive more than 100% returns. A TSSB media release said:

“The company is promising eye-opening returns. According to the order, they are telling potential investors that a $10,000 investment in computing power will return nearly $10,500 per year. A $50,000 investment will return nearly $52,000 per year.”

The Board also says that even though Ultra did not register the offering, the company says it has pulled up to $18 million from Texans.

Image Credits: Pixabay

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