[The US SEC sued five companies for allegedly carrying out a crypto "pig killing" scam] According to Mars Finance, on September 21, the US SEC has filed lawsuits against three individuals and five companies, accusing them of operating a "pig killing" scam. The two lawsuits filed on Tuesday were the first enforcement actions taken by the SEC against this crypto scam, just one day before the US House Financial Services Committee was preparing to hold a hearing on the "pig killing" scam.

“Relationship-based investment scams, including those involving crypto asset investments, pose a significant risk to retail investors, and the threat is growing rapidly as these scams become more popular among scammers,” said Gurbir S. Grewal, Director of the SEC’s Enforcement Division, in a press statement. “In both cases, we allege that the scammers created fake crypto ecosystems and presented investors with false information. Our charges serve as a reminder for the public to be extremely wary of investment opportunities promoted by strangers on social media.”