SEC Acts Against Phony Crypto Sites Manipulating Social Media to Scam Investors
The U.S. Securities and Exchange Commission (SEC) has taken action against two crypto investment scams, Nanobit and Coinw6, marking its first enforcement against such schemes.
The SEC charged individuals and entities involved in these frauds, which used fake relationships on social media platforms like Whatsapp, LinkedIn, and Instagram to trick investors. Nanobit, operating from October 2023 to June 2024, defrauded over $2 million by posing as financial professionals.
Coinw6, active from July 2022 to December 2023, used romantic connections to lure victims into investing in fake crypto products. The SEC seeks civil penalties and injunctions, urging vigilance against social media investment scams.
Clever Robot News Desk 18th September 2024
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