<p class="p1"><span class="s1">The Securities and Exchange Commission resolved its case against NanoBit after alleging the crypto platform lied to investors and stole their money in what the agency described at the time as its first enforcement action involving relationship investment scams.</span></p>
<p class="p1"><span class="s1">The SEC announced the <a href="https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26576">final judgment</a> on Monday, ending a case it <a href="https://www.theblock.co/post/316927/sec-charges-nanobit-and-coinw6-in-alleged-relationship-investment-scams-using-social-media">filed in September 2024</a> during the Biden administration.</span></p>
<p class="p1"><span class="s1">The agency alleged that from September 2023 through June 2024, NanoBit and others involved in the scheme posed as financial professionals in WhatsApp groups to gain investors' trust.
They then encouraged investors to invest in NanoBit and said its affiliate was an SEC-registered broker, which it was not, the SEC said. </span></p>
<p class="p3"><span class="s2">"The supposed financial professionals allegedly then promoted fake initial coin offerings as a way for the investors to make substantial returns," the SEC said.
