PANews reported on September 18 that according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has sued three individuals and five companies for allegedly operating a "pig-killing" scam. This type of scam uses social media applications to gain the trust of victims, tricking them into investing in fake cryptocurrency platforms and then absconding with the money. This is the first time the SEC has taken enforcement action against this type of crypto scam. The SEC accused the NanoBit platform of defrauding at least 18 investors of nearly $1 million through a fake crypto ecosystem, while another platform, CoinW6, defrauded at least 11 investors of a total of $2.2 million. The SEC reminds the public to be wary of investment opportunities promoted on social media.