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US SEC issues final judgment in NanoBit crypto fraud case, imposing a fine of over $5 million.

2 hours ago

The U.S. Securities and Exchange Commission (SEC) has issued a final ruling against crypto platform NanoBit, ordering the involved parties to pay over $5 million in fines. The case was first filed in September 2024 during the Biden administration, with the SEC accusing NanoBit and its associates of posing as financial professionals in WhatsApp groups between September 2023 and June 2024 to gain investors' trust, luring them to invest in NanoBit and falsely claiming that its affiliated company was an SEC-registered broker. The SEC stated that the so-called financial professionals promoted fake initial coin offerings (ICOs), but no actual transactions took place on the NanoBit platform. Instead, investors' funds flowed to fraud participants: over $2 million was transferred to a Hong Kong bank account, and hundreds of thousands of dollars in crypto assets were misappropriated.

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