SEC Wins $5.4 Million Crypto Fraud Case

The US Securities and Exchange Commission has prevailed in its fraud suit against NanoBit Limited, nearly two years after accusing the platform’s operators of stealing hundreds of thousands of dollars from at least 18 investors between 2023 and 2024. The agency announced the win on Monday, following a final judgment entered by the US District Court for the Eastern District of New York on June 16 against four entities and two individuals tied to the scheme.

The court found violations of US securities laws, issued permanent injunctions barring the defendants from engaging in the issuance, purchase or sale of securities, and ordered the defendants to pay about $5.4 million. NanoBit itself was ordered to pay a $1.18 million fine, disgorgement of more than $532,000 and prejudgment interest of nearly $81,200, totaling nearly $1.8 million; affiliates Radiant Horizons, Sweet Karma and Zhao Deli were each ordered to pay $1.18 million; and Jiajie Liu was ordered to pay roughly $120,000 in penalties, disgorgement and prejudgment interest.

United States, Eastern District of New York

sec, nanobit, crypto fraud, eastern district, radiant horizons, sweet karma, zhao deli, jiajie liu, 5.4 million, securities laws