Mining Automatic / Zan Shaikh
Summary
Mining Automatic, legally registered as Bright Vision Distribution LLC (Massachusetts), and its founder Zan Shaikh, a Florida resident, were charged by the SEC on July 20, 2026 with raising approximately $22 million from over 380 investors through a fraudulent crypto mining investment scheme. Only approximately 13% of investor funds were directed toward actual mining operations, while the remainder was allegedly spent on marketing to recruit new investors and on Shaikh's personal expenses including real estate, vehicles, entertainment, and direct bank transfers. Both defendants consented to partial settlement terms pending court approval, with monetary remedies including disgorgement, prejudgment interest, and civil penalties still to be determined by the U.S. District Court for the District of Massachusetts.
Connected Entities
1 entities · 10 linked investigationsTimeline(5 events)
2023-06-01
Mining Automatic (Bright Vision Distribution LLC) begins soliciting investors with promises of guaranteed monthly returns from crypto asset mining operations, according to the SEC complaint.
SEC Litigation Release No. 265902025-03-01
Mining Automatic allegedly halts payments to investors. The SEC states no investor has recovered their original principal.
The Daily Hodl — SEC Files Suit Alleging $22,000,000 Crypto Mining Fraud Scheme2025-05-01
The alleged scheme's operational period concludes, per the SEC complaint covering June 2023 to May 2025.
FX News Group — SEC Files Partially Settled Charges Against Mining Automatic and Zan Shaikh2026-07-20
The SEC files partially settled charges against Zan Shaikh and Bright Vision Distribution LLC (dba Mining Automatic) in the U.S. District Court for the District of Massachusetts (Litigation Release No. 26590). Both defendants consent to proposed judgments without admitting or denying the allegations.
SEC Litigation Release No. 265902026-07-21
Major crypto and financial news outlets report the SEC charges, including CoinTelegraph, The Daily Hodl, Cryptopolitan, Blockonomi, and FinanceFeeds.
CoinTelegraph — SEC Sues Mining Automatic and Founder Over Alleged $22M Crypto Mining SchemeDecision Log
- #1publish⛓ pending8/2/2026, 11:19:06 PMhash: Cn8VfjdQn7DsztgGwgxEaSeWDCe2YmDFsBUNnkpDvVpP
11 of 12 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/2/2026, 11:18:57 PM
last updated: 8/3/2026, 1:41:48 PM
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