Well, if you are a cryptocurreny ethusiat and keep yourself updated about the cryptocurrency world, then you must be aware of the infamous GAW Miners scam back in year 2015. The founder of GAW Miners 'Josh Garza' was convicted of a scammer by Securities and Exchange Commission (SEC) who filed a case against him.
The GAW Miners Scam
Actually back in year 2015, GAW Miners, as the name suggest, was a mining company initially started with basic cloud mining services but as the time passed and after recognizing the significant interest of the crowd, GAW Miners started their own hashlet services.
Hashlets were a piece of hardware like GPU's which allowed it's users to mine cryptocurrency with exceptionally high speed and they were highly portable devices. They didn't need complete system with high efficiency GPU's to run. Hashlets were available from the hashing speed of 1 MH/s to the whopping speed of 10GH/s which makes them very demanded product by miners and they always remained in short supply because of enormous demand.
Josh Garza even mislead their customers by saying that they were going to have a deal with Amazon and Walmart. But his scamming was short lived and later he was convicted for following grounds;
- The cloud mining company had no sufficient to meet the demand of mining services bought by it's customers.
- There were no deal happening between Amazon and GAW Miners, neither Walmart deal was happening.
- The hashlets they were selling had not enough hash power to continue mining of cryptocurrency as promised.
After all these charges, Mr. Josh Garza was convicted by SEC and since he was in custody.
Conspiracy Resolved. Josh Garza Found Guilty of $9.8 Million Scam
Back in year 2015, Josh Garza convicted for this scam and until this point he remained in custody because of this Million Dollar scam. But few hours ago judge had signed off the case pleading guilty of GAW Miner's founder on the charges of scamming people in the name of Mining company.
Court has plead Josh guilty for charged made by SEC. And the whole scam, he held accountable or guilty of $9.8 Million and facing prison sentence from next year onward.
This decision might have satisfied the customers demand who got scammed in the name of Mining services and inefficient Hashlets.
Josh Garza even defended him calling GAW Miners was compromised by some outsiders but later on he was found guilty of all the charges against him.
So, I would advise all crypto evangelists and miners, not to fall victim for any cloud mining company or cryptocurrency project until you get fully satisfied of its genuinity.
Thanks for reading !
Author: @cryptonet
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