Policy
$22M Crypto Mining Fraud: SEC Charges Mining Automatic in Alleged Ponzi Scheme
CoinCentral·July 21, 2026·1 min read
The SEC sued Mining Automatic and founder Zan Shaikh over an alleged $22 million crypto fraud scheme. Only about 13% of investor funds were spent on actual mining operations. Over 380 investors were affected, with more than $20 million in principal still unpaid. The scheme showed hallmarks of a Ponzi.
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