Odaily Planet Daily News: The U.S. SEC has charged two brothers with allegedly operating a $60 million crypto Ponzi scheme that included a crypto trading robot that never existed. In an indictment filed on August 26 with the U.S. District Court for the Northern District of Georgia in Atlanta, the SEC said that Jonathan Adam and his brother Tanner Adam lured more than 80 investors, claiming that the robot could bring investors a 13.5% return per month. The SEC said that from January 2023 to June 2024, the brothers told investors that their robots found arbitrage trading opportunities on crypto platforms and could buy and sell assets at the same time to take advantage of small differences in prices in different markets. Investors' funds were promised to enter a lending pool to fund flash loans and complete transactions, borrowing and returning assets in the same blockchain transaction. Justin Jeffries, deputy director of enforcement at the SEC's Atlanta regional office, said the trading plan was completely fraudulent and that the robot did not exist. He accused the two of misusing $53.9 million of the $61.5 million raised. Investors received some returns, but most of it was squandered by the two, including buying cars and trucks and building a $30 million apartment. The SEC has frozen emergency assets of the two's GCZ Global, LLC and Triten Financial Group LLC. (Cointelegraph)