SEC Accuses Privvy Founder of $12.3 Million Cryptocurrency Investment Fraud Scheme

Odaily reports that the U.S. Securities and Exchange Commission (SEC) has accused Privvy founder Nathan Fuller of orchestrating a cryptocurrency investment fraud scheme involving $12.3 million.

Nathan Fuller told investors that his proprietary AI-powered robot could automatically scan cryptocurrency trading platforms, capturing price gaps through high-frequency arbitrage. He promised returns of 40% to 50% within 30 to 45 days, or guaranteed profits of over 100% within 21 days. The SEC stated that only about 3% of the funds were actually used for cryptocurrency trading. 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)