SEC wins $5.5 million default judgment over alleged fake crypto platform NanoBit
The group built trust via WhatsApp, then misappropriated user funds to Hong Kong bank accounts instead of executing any actual crypto trades.
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Summary
- A judge ordered NanoBit and 5 defendants to pay $5.5M for running a “pig-butchering” crypto scam that deceived 18 investors with fake trading dashboards.
- The group built trust via WhatsApp, then misappropriated user funds to Hong Kong bank accounts instead of executing any actual crypto trades.
- All six defendants are permanently barred from securities offerings and must pay penalties, marking a major SEC enforcement against relationship-investment scams.
