SEC secures $5.5M default judgment against fake crypto platform NanoBit

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The U.S. Securities and Exchange Commission has won a $5.5 million default judgment against NanoBit, an alleged fraudulent cryptocurrency platform. Operators of the scheme built trust with victims through WhatsApp before diverting their funds. Rather than executing any legitimate crypto trades, the group transferred misappropriated user money into Hong Kong bank accounts. The default judgment was granted after the defendants failed to respond or appear in court proceedings.

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