U.S. SEC Sues Crypto Mining Investment Scam, Mining Automatic Accused of Raising $22 Million from Over 380 Investors

Odaily Planet Daily News The U.S. Securities and Exchange Commission (SEC) has announced a lawsuit against Florida resident Zan Shaikh and his company Bright Vision Distribution LLC (operating under the name Mining Automatic), alleging they defrauded investors through a fraudulent crypto asset mining investment scheme with an involved fundraising amount of approximately $22 million.

The SEC stated that between June 2023 and May 2025, Shaikh and Mining Automatic promised investors fixed monthly returns from participating in a crypto asset mining business, but the relevant mining operations were actually unable to generate the promised returns.

According to the SEC's complaint, Shaikh and Mining Automatic allegedly made false statements regarding their own crypto mining experience, operational capabilities, the use of investment funds, and the status of the mining business, citing an inability to pay investor returns as an excuse for delayed payments.