The US Securities and Exchange Commission has made a final ruling on the NanoBit fraud case, imposing a fine of over $5 million

According to The Block, the US Securities and Exchange Commission has made a final ruling on the cryptocurrency platform NanoBit, ordering the parties involved to pay over $5 million in fines. The case was filed in September 2024, and the US Securities and Exchange Commission accused NanoBit and related personnel of impersonating financial professionals in WhatsApp groups to induce investors to invest in NanoBit between September 2023 and June 2024, and falsely claiming that the affiliated company was a registered broker with the US Securities and Exchange Commission. The US Securities and Exchange Commission stated that there were no transactions on the NanoBit platform, and investor funds flowed to fraudulent participants, with over $2 million being transferred to Hong Kong bank accounts and hundreds of thousands of dollars in cryptocurrency assets being misappropriated.