The SEC accuses the Adam brothers of being involved in a $60 million cryptocurrency Ponzi scheme

2024-08-27 09:25:21

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ChainCatcher news, the U.S. SEC announced emergency asset freeze measures against brothers Jonathan Adam and Tanner Adam and their company, accusing them of executing a $60 million Ponzi scheme from January 2023 to June 2024, involving over 80 investors.

The SEC stated that the Adam brothers fabricated a cryptocurrency trading "robot" and lending pool, promising monthly returns of up to 13.5%. In reality, they used investor funds to pay false returns and for personal luxury expenses, including the purchase of a $30 million apartment and luxury cars. The SEC has filed a lawsuit in court seeking a permanent injunction, recovery of illegal gains, and civil penalties.

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