TechFlow reported on September 21 that CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) filed two lawsuits for the first time against "pig-killing" cryptocurrency scams, suing three individuals and five companies. This type of scam builds trust through social media, inducing 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 this type of scam causes catastrophic damage to retail investors and the threat is increasing rapidly.

The first lawsuit targets the NanoBit platform and names three U.S. residents, Jiajie Liu, 28, Fei Liao, 29, and Hua Zhao, 26, who are suspected of posing as financial industry professionals in WhatsApp groups and deceiving at least 18 investors into investing nearly $1 million in crypto assets and fiat currencies.

The second lawsuit targets the CoinW6 platform, involving a total amount of $2.2 million and at least 11 victims. Unlike the NanoBit case, the scammers of CoinW6 disguised themselves as "young, attractive professionals" and established fake romantic relationships with victims through social media before inducing them to invest.