According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has initiated legal action against three individuals and five companies for allegedly running 'pig butchering' scams. These scams involve fraudsters befriending victims through text-based social media apps, gaining their trust, and convincing them to invest large sums in fictitious crypto platforms before stealing their funds and disappearing. The two lawsuits filed on Tuesday mark the SEC’s first enforcement actions against this type of crypto scam. This move comes just a day before the U.S. House Financial Services Committee is scheduled to hold a hearing on pig butchering scams. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasized the increasing threat of such scams to retail investors, noting that fraudsters create fake crypto ecosystems displaying false information to deceive investors. One lawsuit targets the purported crypto trading platform NanoBit. The SEC alleges that three U.S. residents—Jiajie Liu, Fei Liao, and Hua Zhao—engaged in a coordinated scheme to defraud at least 18 investors of nearly $1 million in crypto assets and fiat currency. The accused allegedly posed as finance industry professionals in WhatsApp groups, enticing investors to put their money into NanoBit’s platform. Despite showing apparent profits, investors found themselves unable to withdraw their funds, and the fraudsters vanished. The second lawsuit involves another fake crypto trading platform, CoinW6. The SEC claims that unnamed participants defrauded at least 11 investors out of $2.2 million between July 2022 and December 2023. Unlike the NanoBit scheme, CoinW6 fraudsters allegedly posed as 'young, attractive professionals' who developed romantic relationships with victims over text before introducing the idea of investing in CoinW6. The scammers pressured victims to invest more money, sometimes even suggesting they withdraw from retirement accounts or borrow from friends and family. A recent FBI report highlighted the severity of crypto fraud, revealing that investors lost a record-high $5.6 billion to such scams last year, with $4 billion lost to investment scams, including pig butchering scams.

How to mint your onchain history into onchain relics with the Ethverse by Pob Studio. source: https://www.bankless.com/minting-base-onchain-art

In a recent interview with Matt Miller on Bloomberg TV, Frank Speiser, CEO of Metafide, shared his insights into former President Donald Trump’s surprising entry into the cryptocurrency space, the evolution of the crypto industry, and Bitcoin’s role as a long-term asset. Speiser began by discussing Trump’s recently announced DeFi project — World Liberty Financial […] source: https://www.cryptoglobe.com/latest/2024/09/metafide-ceo-on-trumps-new-defi-project-the-evolution-of-the-crypto-industry-and-bitcoins-role-in-the-financial-system/

Despite some investors growing disillusioned with the extended stagnation, others remain hopeful. Some have introduced intriguing theories proposing extraordinarily high valuations for XRP. source: https://zycrypto.com/analyst-projects-ripples-xrp-true-fair-market-value-could-reach-38999/

The Bridged USDC Standard support offers greater ease for developers and security for users. source: https://dailycoin.com/sonys-ethereum-l2-gets-bridged-usdc-standard-support-heres-what-it-means/?utm_source=cryptopanic&utm_medium=rss

FTX's former auditor Prager Metis reached a settlement agreement with the SEC over failures in its review of the collapsed crypto exchange. source: https://decrypt.co/249921/ftx-auditor-prager-metis-settles-sec-charges-negligence

The U.S. Securities and Exchange Commission (SEC) has charged five entities and three individuals tied to fraudulent crypto schemes involving NanoBit and CoinW6, both fake crypto trading platforms. The scammers solicited investments through social media apps, tricking victims into handing over a lot of money that were then stolen. Gurbir S. Grewal, Director of the […] source: https://www.cryptopolitan.com/sec-charges-8-linked-to-nanobit-and-coinw6/

تسعى شركة مايكروسوفت إلى التوسع العالمي في مجال الذكاء الاصطناعي، حيث أعلنت في 17 سبتمبر أنها ستنشئ مركزين جديدين في أبوظبي، لدفع تطوير تكنولوجيا الذكاء الاصطناعي إلى الأمام ومواصلة خططها. وكانت مايكروسوفت قد أعلنت في 16 أبريل عن شراكتها مع G42، وهي شركة قابضة لتكنولوجيا الذكاء الاصطناعي مقرها الإمارات العربية المتحدة، حيث قالت الشركة أنها […] source: https://arabeum.net/%d9%85%d8%a7%d9%8a%d9%83%d8%b1%d9%88%d8%b3%d9%88%d9%81%d8%aa-%d8%aa%d9%81%d8%aa%d8%aa%d8%ad-%d9%85%d8%b1%d9%83%d8%b2%d9%8a%d9%86-%d9%84%d9%84%d8%b0%d9%83%d8%a7%d8%a1-%d8%a7%d9%84%d8%a7%d8%b5%d8%b7/

The U.S. SEC accused two alleged fake crypto platforms, NanoBit and CoinW6, of lying to investors and stealing their money. source: https://www.theblock.co/post/316927/sec-charges-nanobit-and-coinw6-in-alleged-relationship-investment-scams-using-social-media?utm_source=rss&utm_medium=rss

The U.S. Securities and Exchange Commission (SEC) has filed suit against three individuals and five companies for allegedly operating pig butchering scams – a type of confidence-enabled investment scam in which fraudsters befriend victims over text-based social media apps, gain their trust and convince them to invest large amounts of money in fictitious crypto platforms before stealing their... source: https://www.coindesk.com/policy/2024/09/17/sec-charges-3-individuals-5-companies-with-operating-pig-butchering-scams/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

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