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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/01/2026

SEC Wins $5.5M Default Judgment in NanoBit Crypto Scam Case

What happened: The U.

SEC Wins $5.5M Default Judgment in NanoBit Crypto Scam Case

What happened: The U.S. SEC secured a $5.5 million default judgment against six defendants linked to the fake crypto platform NanoBit, which operated a WhatsApp-based relationship-investment scam from September 2023 to June 2024. The scheme defrauded 18 victims of approximately $1 million, with over $2 million wired to Hong Kong bank accounts. All defendants defaulted and are permanently barred from securities offerings.

Why it matters: This case marks the SEC’s first enforcement action targeting a "relationship scam" in the crypto sector, signaling a broader crackdown on social engineering frauds proliferating via messaging apps. The judgment sets a precedent for future actions against similar schemes and highlights persistent risks for retail investors in the digital asset space.

Source: CoinDesk