The U.S. Securities and Exchange Commission has filed lawsuits against cryptocurrency asset trading platforms Morocoin Tech, Cirkor, and Berge Blockchain Technology, as well as investment clubs AI Wealth, AI Investment Education Foundation, Lane Wealth, and Zenith Asset Tech Foundation over their purported involvement in a investment scam that exfiltrated over $14 million between January 2024 and January 2025, according to The Record, a news site by cybersecurity firm Recorded Future. Ads with deepfake videos of famous financial professionals on social media have been used by the companies to lure retail investors into joining group chats with AI-generated investment tips that sought opening of accounts on Morocoin, Cirkor, and Berge, said SEC lawyers. All of the money obtained from victims, including additional fees, was then funneled to overseas banks and crypto wallets. “This matter highlights an all-too-common form of investment scam that is being used to target U.S. retail investors with devastating consequences,” said SEC Cyber and Emerging Technologies Unit Chief Laura D’Allaird.
