SEC wins $5.4M judgment against fake crypto platform NanoBit that stole from investors

A US court ordered NanoBit and its operators to pay $5.4 million after the SEC proved they ran a fake trading platform that stole from at least 18 investors via WhatsApp schemes.

• NanoBit operators impersonated financial professionals in WhatsApp groups to trick investors into depositing funds on a fake platform.
• The court ordered $5.4M in total penalties including fines, disgorgement and interest against four entities and two individuals.
• Funds were diverted to scheme participants and wired to bank accounts in Hong Kong, the SEC alleged.
• The case shows the SEC continues to pursue crypto fraud even as it softens its regulatory approach to compliant crypto companies.

Coinporta summarises news for fast scanning. Full reporting belongs to the source.