Share this article
SEC Wins $11 Million Default Judgment Against GAW Miners
The US Securities and Exchange Commission (SEC) has won default judgments against cryptocurrency mining firms GAW Miners and Zen Miner.
By Stan Higgins
Updated Sep 11, 2021, 1:24 p.m. Published Jun 5, 2017, 9:53 p.m.
The US Securities and Exchange Commission (SEC) has won default judgments against cryptocurrency mining firms GAW Miners and Zen Miner.
The decision brings to a close part of the SEC's legal effort against GAW, Zen Miner and their CEO Homero Josh Garza, who it sued in December 2015 for securities law violations, as well as the operation of a Ponzi scheme. The SEC's case centered around the sale of Hashlets, which were "virtual miners" sold through a bid/ask marketplace on a platform called ZenCloud. The sale of those Hashlets, the SEC argued in court, amount to an unlicensed securities offering.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to court documents, both GAW and Zen Miner are required to disgorge $10,078,331 in profits, along with $305,768 worth of prejudgment interest.
Both firms are further required to pay $1m apiece in civil penalties, according to the decision signed by US District Judge Jeffrey Meyer. The court order was signed on 31st May, though the SEC announced its court win this afternoon.
Notably, the decision did not include Garza. "The SEC's litigation continues against Garza," the agency said in its release.
fell apart in mid-2015 amid growing controversy over its mining operations and the failure of its alternative digital currency, paycoin, which it launched at the start of that year.
Image via Shutterstock
Di più per voi
Cosa sapere:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Di più per voi
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Cosa sapere:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
