📢 Hello everyone! Today we are going to talk about a big news in the crypto world! On September 21, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against three individuals and five companies for allegedly operating the so-called "pig killing" scam. This is the first time the SEC has taken enforcement action against this type of crypto scam!

First of all, what is a "pig killing" scam? Simply put, it is a scammer who induces victims to invest by establishing false relationships and trust, and eventually takes away their funds. This action was taken the day before the U.S. House Financial Services Committee was preparing to hold a hearing on the "pig killing" scam, and the timing was quite sensitive.

In a press statement, Gurbir S. Grewal, director of the SEC's enforcement division, pointed out that relationship-based investment scams, including those involving crypto asset investments, pose a huge risk to retail investors. As these scams become more popular among scammers, this threat is rapidly increasing. Grewal emphasized that the public should be highly vigilant about investment opportunities promoted by strangers on social media.

Specifically, the SEC filed a lawsuit against the so-called crypto trading platform NanoBit, alleging that three U.S. residents - Liu Jiajie (28 years old) of Los Angeles, California, Liao Fei (29 years old) of San Gabriel, California, and Zhao Hua (26 years old) of Flushing, New York - jointly carried out a fraudulent scheme that defrauded at least 18 investors of nearly $1 million in crypto assets and fiat currencies.

Another lawsuit against another fake crypto trading platform called CoinW6 alleges that unnamed participants in the scheme defrauded at least 11 investors of $2.2 million between July 2022 and December 2023.

This enforcement action is undoubtedly a wake-up call for the crypto market. Although crypto asset investment is full of opportunities, it also comes with huge risks. Everyone must keep their eyes open when investing and beware of being deceived.

So, what do you think of this SEC action? Have you encountered similar scams? Welcome to share your views and experiences in the comment area, let us be vigilant and protect our assets together! 💬

I hope this news can bring some inspiration to everyone, and I also look forward to everyone's active interaction in the comment area and sharing your views and stories!