A federal jury in Texas has convicted Caleb Ward, founder of Geosyn Mining LLC, for orchestrating a cryptocurrency mining fraud scheme. Ward was found guilty of misleading clients about mining equipment and electricity rates, diverting over $4.5 million in funds. Evidence presented in court showed that many customers never received their mining machines or discovered them inactive, with Ward using fake photos and serial numbers to deceive clients. The verdict, delivered on November 19, underscores the need for enhanced compliance and transparency within the bitcoin mining industry to rebuild investor trust. This case highlights ongoing concerns about fraudulent practices in the sector, prompting calls for stricter regulatory oversight.