Nui Launches New Kala Mining Opportunity After Securities Fraud Cease & Desist

Nui has decided to launch a new Kala mining opportunity with the introduction of the Kala Mining Product Line. The information was released by the company a few days ago in a blog post.

In order to start mining Kala it is possible to do it purchasing mining hardware or via cloud mining. The cloud mining service would allow users to invest in Gigahash or Terahash contracts. According to the official press release, by paying a monthly service fee, users can see their Kala grow.

The GIgahash contracts promoted by the company start from $50 with $15 a month fee. Then, it is possible to purchase contracts of $100, with $30 monthly fee, $500 contract with $42 monthly fee, and $1,000 contract with $57 monthly fee.

However, there are even bigger offers for those interested in mining activities. The Terahash contract cost $4,000 with a $115 monthly fee.

Nevertheless, according to Behind MLM, this company is clearly fraudulent. The report mentions that the Gigahash contracts offered by the company pay a direct referral commission and also a team commission that is divided into ten different levels.

It is also important to note that Kala is not publicly tradeable and users can exchange it for actual money using the internal exchange provided by Nui. Indeed, Kala can only be used around Nui, but not outside it.

The company is also under investigation for securities fraud, which is not good for Nui and the Kala product. In July, the company was served a securities fraud cease and desist that was issued by the state of Texas.

Darren Olayan, the CEO of the company, provides regular updates about the platform on social media and suggests that they are currently in an ongoing dialogue between Nui and the Securities Board.

According to the report released by Behind MLM, Nui still isn’t registered to offer securities in Texas or in another part of the United States. Furthermore, Neither Nui nor Darren Olayan appears on the SEC’s Edgar database.

In sum, Nui seems to be a mining opportunity that is an illegal unregistered securities offering.

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