SEC Charges Privvy Founder with $12.3 Million Crypto Investment Fraud

Odaily The U.S. Securities and Exchange Commission (SEC) has charged Privvy founder Nathan Fuller with a cryptocurrency investment fraud scheme involving $12.3 million.

Nathan Fuller allegedly told investors that his proprietary AI-powered bot could automatically scan cryptocurrency trading platforms to capture price gaps through high-frequency arbitrage, promising returns of 40% to 50% within 30 to 45 days, or guaranteed returns exceeding 100% within 21 days. The SEC stated that only about 3% of the funds were used for cryptocurrency trading, while Nathan Fuller personally embezzled at least $6.2 million and paid approximately $5.5 million to early investors in a manner resembling a Ponzi scheme. (The Block)