The U.S. Securities and Exchange Commission (SEC) has announced that it is taking action against “pig butchering” scammers for the first time. The SEC has charged five entities and three individuals with links to fake cryptocurrency trading platforms NanoBit and CoinW6. The individuals stole approximately $3.2 million by gaining investors’ trust and building relationships through social media.

SEC Division of Enforcement Director Gurbir Grewal said that these types of scams are rapidly increasing. CoinW6 deceived investors with fake staking, mining, and yield farming products, while NanoBit defrauded investors with fake ICOs and claims of being an unregistered broker.

Be wary of these types of scams. Share your thoughts in the comments.