According to TechFlow, the U.S. SEC announced emergency asset freezing measures against brothers Jonathan Adam and Tanner Adam and their company, accusing them of running a $60 million Ponzi scheme from January 2023 to June 2024 involving more than 80 investors.
The SEC said the Adam brothers fabricated a crypto asset trading "robot" and lending pool, promising a monthly return of up to 13.5%. In reality, they used investor funds to pay for false returns and personal luxury consumption, including the purchase of a $30 million apartment and luxury cars.
The SEC has filed a lawsuit seeking a permanent injunction, disgorgement of ill-gotten gains, and civil penalties.