The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against three individuals and five companies for their involvement in a fraudulent scheme known as "pig butchering."

- The scammers built trust relationships through social media and convinced victims to invest in fictitious crypto platforms.

- Two of the SEC lawsuits allege that the scammers created false crypto ecosystems to deceive investors.

- One lawsuit alleges that the NanoBit platform defrauded 18 investors of nearly $1 million.

- Another lawsuit alleges that the CoinW6 platform defrauded 11 investors of $2.2 million.

- The SEC warns of a growing threat of such scams.