SEC charges NanoBit and Coinw6 with fraud

The U.S. Securities and Exchange Commission has charged the platforms NanoBit and Coinw6 with fraud, deceiving investors, and misappropriating their assets.

Fraud schemes

The SEC’s Director of Enforcement stated that NanoBit engaged in fraudulent activities from October 2023 to June 2024.

Fraudsters contacted victims through WhatsApp messenger, posing as financial advisors, and convinced them to invest in a fake cryptocurrency trading platform. As a result, the NanoBit organizers stole over $2 million.

Coinw6 used a different fraud tactic by forming romantic relationships with victims.

From July 2022 to December 2023, Coinw6 operators met victims through social media and persuaded them to invest in fraudulent crypto products. When investors tried to withdraw their funds, they were asked to pay additional fees under the guise of taxes or commissions.

Apart from financial manipulation, the criminals threatened to freeze victims' assets or blackmailed them by promising to release compromising romantic correspondence.

Investor warning

An SEC representative cautioned traders to be wary of any "profitable" cryptocurrency investment offers, especially if they come from strangers online.