The U.S. Securities and Exchange Commission (SEC) has filed two lawsuits for the first time against "pig killing" cryptocurrency scams, suing three individuals and five companies. This type of scam uses social media to establish trust relationships, induce victims to invest in fake crypto platforms, and then run away with the money. Gurbir S. Grewal, director of the SEC's enforcement division, warned that such scams cause catastrophic harm to retail investors and the threat is increasing rapidly. The first lawsuit is against the NanoBit platform. The three U.S. residents involved are suspected of impersonating financial industry professionals in WhatsApp groups and luring at least 18 investors to invest nearly $1 million in crypto assets and fiat currencies. The second lawsuit is against the CoinW6 platform, involving an amount of up to $2.2 million and at least 11 victims. Unlike the NanoBit case, the scammers of CoinW6 disguised themselves as "young, attractive professionals" and established false romantic relationships with victims through social media before inducing them to invest. (CoinDesk)