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) announced that it has filed a lawsuit against Florida resident Zan Shaikh and his company Bright Vision Distribution LLC (operating as Mining Automatic), accusing them of defrauding investors through a fraudulent cryptocurrency 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 through participation in a cryptocurrency mining business. However, the related mining operations were actually incapable of generating 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. They also cited an inability to pay investor returns as an explanation for delayed payments.