SEC Cracks Down on Two Crypto and AI Investment Scams

The US Securities and Exchange Commission (SEC) has charged four entities over two alleged crypto and AI investment scams that raised more than $15 million from investors.

The SEC filed the cases in Manhattan, alleging that the groups used WhatsApp and Facebook to attract investors with promises of high returns.

Cryptoaiml allegedly raised more than $12.5 million from over 300 investors by promoting AI-generated trading signals through WhatsApp.

The company claimed its signals were 98% accurate, although no actual trading occurred and reported profits were allegedly fabricated.