The U.S. Securities and Exchange Commission (SEC) has indicted three fake cryptocurrency trading platforms and four investment clubs for allegedly defrauding people of $14 million.

PANews reported on December 24 that, according to an announcement on the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against three fake cryptocurrency trading platforms—Morocoin, Berge, and Cirkor—and four investment clubs. The SEC accuses them of using social media ads to lure retail investors into joining WhatsApp group chats, where they were then tricked into investing in fake platforms and counterfeit security tokens under the guise of AI stock recommendations, defrauding investors of over $14 million. The fraudulent methods included fabricating government licenses, falsifying transaction records, and charging fraudulent withdrawal fees. The SEC is seeking a permanent injunction, civil penalties, and the recovery of unjust enrichment.