SEC sues Texas man over $12.3 million crypto scheme

The U.S. Securities and Exchange Commission has filed a lawsuit against Texas resident Nathan Fuller, alleging he raised $12.3 million from about 150 investors through a fraudulent crypto investment scheme that falsely promised high returns from AI-powered trading bots.

The complaint, filed in the U.S. District Court for the Southern District of Texas, states that Fuller operated the scheme through Privvy Investments LLC from at least October 2022 through mid-2024. Investors were promised returns of 40% to 50% within 30 to 45 days, and in some cases more than 100% in less than a month, based on claims of proprietary AI bots conducting arbitrage trades.

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A photorealistic courtroom scene depicting the SEC's settlement with Coinbase over a FOIA lawsuit, featuring lawyers exchanging documents and a check.
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SEC pays $150,000 to settle Coinbase FOIA lawsuit

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The U.S. Securities and Exchange Commission agreed to pay $150,000 and release two withheld documents to end a Freedom of Information Act lawsuit backed by Coinbase. The settlement, reached on July 22, also requires the agency to review its records and text-message preservation practices. The case stemmed from requests about Ethereum investigations and former Chair Gary Gensler’s communications.

Federal prosecutors filed five civil forfeiture complaints on July 21 seeking roughly $26.4 million in cryptocurrency linked to international romance and investment scams. The actions form part of the Scam Center Strike Force, which has recovered more than $800 million overall.

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US authorities have charged three men with a series of violent robberies targeting cryptocurrency holders across California. The spree netted $6.5 million in digital assets from victims in Los Angeles and the San Francisco Bay Area.

Hackers stole roughly $3.1 million in PUSD tokens from 11 user wallets on the prediction platform. The theft followed a phishing attack that exploited a compromised third-party vendor.

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The U.S. Securities and Exchange Commission is inviting public input on changes to its approach for novel exchange-traded funds, including those focused on Crypto assets.

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