The SEC alleges Mining Automatic and its founder raised $22 million from investors by promising guaranteed crypto mining returns while spending only a fraction of the funds on mining operations.
The US Securities and Exchange Commission (SEC) has sued crypto mining investment business Mining Automatic and its founder, Zan Shaikh, alleging they raised $22 million from investors while spending only about 13% of the funds on mining operations.
Mining Automatic was operated by Massachusetts-based Bright Vision Distribution LLC, which the SEC said raised the money from more than 380 investors between June 2023 and May 2025.
The company allegedly promised guaranteed monthly returns from crypto asset mining despite operating a business that could not generate the advertised payouts. The SEC said investor money was instead used for marketing, personal expenses and unrelated ventures.
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