US Securities and Exchange Commission (SEC) filed a lawsuit against a large-scale fraud network that allegedly recruited investors through social media ads and transferred money through fake cryptocurrency trading platforms and WhatsApp groups. The institution reported that most US-based individual investors suffered losses of over $14 million. reported. Allegedly, the operation lasted between January 2024 and January 2025, and trust was built step by step with the promise of easy profits. SEC says funds are held in complex bank accounts and cryptocurrency He reported that his wallets were taken abroad through his network.
Money Traffic Established through Fake Platforms and WhatsApp Clubs
According to the SEC complaint MorocoinTech, Berge Blockchain Technology And cirkor He claimed that three structures named were operating platforms that gave the impression of buying and selling cryptocurrencies. Investors were first targeted with ads on popular social media channels. Promises such as easy earnings and advanced, artificial intelligence-supported investment suggestions were highlighted in the ad texts. Then interested users WhatsApp invited to group chats.
It was emphasized that in group chats, fraudsters introduced themselves as experienced financial professionals, shared artificial intelligence-supported transaction recommendations, and built trust over time. After trust was established, investors were asked to open accounts and deposit money on the platforms stated to be managed by Morocoin, Berge and Cirkor. The SEC added that the platforms in question were portrayed as licensed and regulated structures, and even false statements were made that they had government approval.
The institution said that the four structures promoted as investment clubs were fake AI Wealth, Lane Wealth, AI Investment Education Foundation and Zenith Asset Tech Foundation. Security Token Offering He stated that he nourished the process with (STO) promotions. According to the complaint, it was explained that STOs were linked to real companies. In reality, neither the companies nor the offers themselves existed and no actual transactions took place on the platforms.
Investors Not Allowed to Withdraw Money
According to the SEC, a second pressure mechanism was activated when investors wanted to withdraw money. Additional advance fees were requested for withdrawals. The institution emphasized that this request is a common fraud method that aims to increase losses. In the final stage of the complaint, it was claimed that all investor funds were misused and directed through a network of accounts-wallets to be transferred abroad.
Head of the SEC’s Cyber and Emerging Technologies Unit Laura D’AllairdDescribing a multi-stage plan, the first contact through social media ads turned into a process of gaining trust in the role of a financial professional in WhatsApp chats, and then the money was faked. cryptocurrency platformsHe stated that it was transferred to and misused. According to the organization’s narrative, the key element was the perception of technology-supported expertise targeting investor psychology.
Moreover artificial intelligence It was noted that supported fraud techniques were expanding. It has been reported that well-known names such as Elon Musk can be associated with fake investment suggestions through realistic deepfake videos, and that methods such as bypassing KYC checks, producing fake customer support correspondence and copying platform panels exactly are used. It is also among the information conveyed that in some scenarios, malware links are sent via Zoom invitations.
