An Australian-based cryptographic mining service has been told to stop operating from regulators across the globe.
The Texas Testimony Board (TSSB) issued yesterday an extraordinary shutdown and rejection order at Automated Web Mining Services (AWS Mining). Any similarities can be found in this acronym (cough Amazon Web Services cough) it is – hopefully – accidentally.
AWS Mining was responsible for a number of affiliated companies that have also been named and included in the Ceasefire Order.
According to court documents, customers of AWS Mining and its subsidiaries had a promising 200% return on investment. However, after registration, the company denied its promise to no longer guarantee such great returns. Then customers were informed that they would take the risk of investing.
To sell its mining contracts, AWS Mining used a multi-level marketing platform – the AKA a ponzi system. In this spirit, pausing and banning should not be surprising.
Of course, Texas regulators have only jurisdiction in Texas. This means that AWS Mining can continue to work outside of the Lone Star status.
The TSSB makes a piece of a name for itself as a sheriff of the cryptic wild west. Earlier this year, the regulator ordered other investment companies that cease to encrypt and sell false approvals from Barack Obama.
Published on November 7, 2018 – 10:40 UTC