TechFlow reports that the U.S. Securities and Exchange Commission (SEC) has charged two allegedly fraudulent cryptocurrency platforms, NanoBit and CoinW6, with deceiving investors and stealing funds. The SEC filed lawsuits in the U.S. District Courts for the Eastern District of New York and the Central District of California, accusing five entities and three individuals of participating in a "relationship investment scam."
According to the SEC, the perpetrators recruited investors through social media platforms such as WhatsApp, LinkedIn, and Instagram.
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In the NanoBit scheme, fraudsters posed as financial professionals and promoted fake initial coin offering (ICO) projects.
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In the CoinW6 case, the scammers pretended to be wealthy young professionals, promising returns as high as 3% per day.
