The SEC has suspended the lawsuit against the cryptocurrency mining company Geosyn Mining

ChainCatcher news, according to Cointelegraph, court documents show that the U.S. Securities and Exchange Commission (SEC) has suspended its lawsuit against the cryptocurrency mining company Geosyn Mining.

The FBI's indictment states that these executives are accused of defrauding client funds by promising to purchase and host Bitcoin mining machines for clients, but instead misappropriating the funds for personal expenses. The SEC previously stated in its lawsuit that Ward and McNutt allegedly defrauded approximately 64 investors out of $5.6 million between November 2021 and December 2022.