Action has been taken against Ultra BTC Mining, a cloud mining firm for offering unregistered securities by the Texas State Security Board (TSSB).

The Texas State Security Board, on April 8 along with Alabama Securities Commission filed an emergency cease and desist order against Ultra Mining. Hiding Key information, treacherous and deceiving activities, ambiguous and misleading statements and violations are the few accusations against the cloud mining firm.

A recession special is being claimed to be run by Ultra BTC and Laura Branch, to dupe gullible people of Texas. Also, they claimed to have donated $100,000 dollar to UNICEF to help it fight against coronavirus but it could not verify it.  TSSB has labelled those claims as fraudulent.

The cloud mining firm offers a 2-year contract to its customers and the rented hash power is $40 per 0.1 terahashes per second.  Ultra BTC claims that a 105% annual return is on the cards for investors.

“The company is promising eye-opening returns. According to the order, they are telling potential investors that a $10,000 investment in computing power will return nearly $10,500 per year. A $50,000 investment will return nearly $52,000 per year”.
<h2>Ultra BTC Mining Claims Lies in The Eyes of  The Texas State Security Board</h2>
The TSSB has stated that Ultra BTC Mining has not registered its offering and are not buying the idea and claims that the Texas residents have helped them raised $18 million.

The company accuses the claims of the cloud formation about being able to offer on 10,000, a 30% has power bonus in times of travesty and economic struggles. They also believed they used the finding of a surgery which suggested that by 2021, bitcoin will reach $23,000.

Ultra BTC Mining doesn't have much time, and they have to respond in 31 days against the charges by The Texas State Security Board (TSSB).

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Ultra BTC Mining in Trouble For Offering Unregistered Securities

The Texas State Securities Board (TSSB) has taken action against cloud mining firm Ultra BTC Mining accusing them for issuing unregistered securities.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Ultra BTC Mining in Trouble For Offering Unregistered Securities

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