“Relationship investing scams involving cryptocurrency investments pose a risk of devastating harm to retail investors, and the threat is growing rapidly as these scams gain popularity among scam artists,” Gurbir S. Grewal, director of the SEC's Enforcement Division, said in a press statement. “In these two cases, we allege that scammers created fake crypto ecosystems and represented false information to investors. Our allegations serve as a reminder to the public to be on heightened vigilance about potential scams involving investment opportunities promoted by strangers on social media.”
