Ultra BTC Mining receives a “CEASE AND DESIST ORDER” from Texas and Alabama!

By Jumble | Jumble | 10 Apr 2020

On April 8, 2020, the state of Texas and the state of Alabama wrote emergency cease-and-desist orders for Ultra BTC Mining (UBM). It is alleged that UBM:

  • is not registered to offer securities in the state
  • is a Ponzi scheme.

It is believed that UBM has raised over $20 million. To attract potential investors, UBM:

  • claims that investors can earn a 105% annual return
  • claims that the price for Bitcoin (BTC) will be $23,000 by 2021
  • offers affiliates a 5% commission from the deposit of a referral
  • offers “Ultra mining partners”, that are required to advertise UBM on YouTube, a 20% commission from the deposit of a referral.

In its promotional materials, Ultra BTC Mining does not give information about its operation. It does not tell:

  • where the mining operation is located
  • the size of the mining operation
  • what hardware it uses.

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