NanoBit’s crypto scam ends in a $5.52M SEC victory – Here’s how
The U.S. Securities and Exchange Commission (SEC) secured a victory against NanoBit and related entities for operating a 'pig butchering' cryptocurrency scam between September 2023 and June 2024. Scammers used messaging apps to contact victims, promoting fraudulent initial coin offerings with promises of high returns and falsely claiming SEC registration. The U.S. District Court for the Eastern District of New York issued a final judgment against two individuals and four organizations.
The court found that no actual transactions occurred on the NanoBit platform, with investor funds being misappropriated and wired overseas. All defendants received permanent injunctions for violating anti-fraud securities laws. They were ordered to pay a total of approximately $5.52 million in penalties, comprising disgorgement of illicit profits, pre-judgment interest, and civil fines. NanoBit itself owes about $1.8 million. The court noted the defendants' willful default and the absence of any meritorious defense.
ambcrypto06/30 09:35
