US Court Imposes $5 Million Penalty in NanoBit Fraud Case

BTCC / BTCC Square / Global Cryptocurrency /

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2026-06-30 18:52:03

BTCCSquare news:

A federal court in New York has ordered four companies and two individuals linked to NanoBit to pay over $5 million in penalties. The ruling follows a Securities and Exchange Commission (SEC) lawsuit alleging fraudulent activities conducted through WhatsApp groups.

Between September 2023 and June 2024, defendants posed as financial professionals on WhatsApp, luring investors to NanoBit with false claims of high returns. The SEC emphasized that no actual trading occurred, with funds diverted to offshore accounts.

This case marks the SEC's first enforcement action against relationship-based crypto fraud. The judgment underscores growing regulatory scrutiny of social media-driven investment schemes.

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