New York Court Orders NanoBit Limited to Pay $5.5M in Fraud Settlement on June 16

According to Foresight News, on June 16, a New York federal court ordered NanoBit Limited and five defendants to pay a total of $5,518,902 in illegal gains, interest, and civil penalties. According to the SEC, the fraud scheme operated from September 2023 to June 2024, with participants impersonating financial professionals on WhatsApp to build trust with investors, then directing them to deposit funds into NanoBit. The funds were not used for trading but were transferred to bank accounts in Hong Kong, with over $2 million sent overseas and hundreds of thousands in cryptocurrency assets misappropriated.
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