The Securities and Exchange Commission (SEC) has opened an investigation of GAW Miners and its CEO Josh Garza, according to CoinFire, a Bitcoin news site, which on Tuesday cited “1,000 pages of a [leaked] investigation file.”
GAW was first introduced to the Bitcoin public around a year ago, and first came about re-selling Bitcoin mining rigs. Later, the company shifted to cloud-based mining, and more recently, it introduced its own altcoin, dubbed “Paycoin.” GAW also runs its own cloud-based wallet service (Paybase), its own cloud-based mining service (ZenMiner) and its own online discussion board (HashTalk).
For months, there has been active speculation amongst the Bitcoin community that GAW may be a scam, or at least could be engaged in illegal behavior. There have been threads both on BitcoinTalk and reddit with titles like “GAW Miners – Liars, Frauds – A brief recap of what we know.”
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