SEC Sues Over $12.3 Million Crypto Scheme Involving Fake AI Bots

SEC charged Nathan Fuller with a $12.3 million crypto scam involving fake AI bots.

The SEC has charged Nathan Fuller, founder of Privvy Investments, with orchestrating a $12.3 million scam. He raised funds from approximately 150 investors, promising returns of up to 100% through AI bots for arbitrage cryptocurrency trading. The assistants did not function properly, and only 3% of the capital was used in trading. Fuller misappropriated at least $6.2 million and used $5.5 million for payouts in a Ponzi scheme.