The SEC sued seven now-defunct companies for running a cryptocurrency “investment confidence scam” that used fake trading platforms and phony investment clubs to steal at least $14 million from US investors.
The scheme, run from January 2024 to January 2025, first lured investors into WhatsApp investment clubs that promised profits from AI-generated trading signals, according to the Securities and Exchange Commission’s complaint filed Monday in the US District Court for the District of Colorado.
Club leaders then directed victims to open accounts on fake cryptocurrency platforms operated by Morocoin Tech Corp., Berge Blockchain Technology Co., and Cirkor Inc., the SEC …
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