On July 11th, the Texas Securities Board issued an emergency cease and desist notice to Nui.
As per the notice, the Securities Board alleges, “(Darren) Olayan controls Mintage Mining.
Mintage Mining is illegally and fraudulently issuing and offering two different investments in cryptocurrency mining. Olayan controls Symatri.
Symatri issued Kala, a new cryptocurrency, during a recent initial token offering. Symatri, together with Mintage Mining, are fraudulently offering investors a third investment in cryptocurrency where investors own and possess pre-configured hardware that passively mines Kala.”
Mintage mining operates with an Advanced Proprietary Mining AI (artificial intelligence) that evaluates the current cryptocurrency market to carefully and strategically select the best cryptocoin to mine with the highest possible payout value each week.
Artificial intelligence permits Mintage mining the ability to mine a variety of crypto coins such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Monero (XMR), Zcash (SEC), and Bitcoin Cash (BCH), allowing to stay on top of the changing crypto market. Mintage can add and has added other crypto to mine. The A.I. influences mining direction.
Mark W. Rasmussen of Jones Day advises clients on regulatory compliance related to cryptocurrencies, initial coin offerings (ICOs), and blockchain technology and was recently appointed by Chief Judge Barbara Lynn, of the Northern District of Texas, to be the first ever receiver in an SEC enforcement action involving an ICO promoter.
Nui, Mintage Mining and Darren Olayan have been ordered to immediately cease offering unregistered securities in Texas. With Texas securities law being materially indifferent from federal securities law, by extension Nui and Mintage Mining are operating illegally across the rest of the US. Notably, the Texas Securities Board estimates victims have lost over $8.5 million dollars through Nui and Mintage Mining. Whether this will attract the attention of the SEC remains to be seen.