TLDR
- SEC shuts down $14M scam tied to fake crypto platforms and AI chat groups
- Morocoin posed as a licensed exchange but only collected and blocked user funds
- Berge Blockchain used fake trading data and AI hype to lure repeated deposits
- Cirkor funneled investor money overseas through layered crypto wallets
- SEC warns online investment groups are key gateways for coordinated fraud
The SEC initiated a case against seven entities after uncovering a coordinated online scheme that redirected more than $14 million. The agency linked the activity to fake trading platforms and organized groups that pushed digital offerings. Moreover, the action marked a significant step as the SEC moved to stop continued harm.
Morocoin Tech Corp.
The SEC identified Morocoin Tech Corp. as a central part of a network using false trading claims. The platform displayed fabricated licenses and presented a secure trading image. The SEC confirmed that no trading activity occurred on the site.
Morocoin also appeared in promotions by organized chat groups posing as AI-driven financial clubs. These groups guided members toward Morocoin accounts after promising regular gains. Yet the SEC reported that the accounts served only as collection points for redirected funds.
The SEC further stated that Morocoin had a role in issuing fake token products. These products appeared connected to real companies but held no actual value. Users faced additional losses when the site blocked withdrawals and requested advance payments.
Berge Blockchain Technology Co. Ltd.
The SEC listed Berge Blockchain Technology Co. Ltd. as another fake platform linked to the broader scheme. The platform mirrored professional exchanges to attract new participants. The SEC confirmed that all activity displayed on the interface was fabricated.
Berge became visible in several WhatsApp groups that promoted supposed AI-based strategies. These groups built trust and encouraged account funding on Berge. The SEC found that the groups coordinated messaging to maintain constant engagement.
The SEC also noted that Berge helped circulate fabricated digital offerings labeled as security tokens. These tokens lacked legal registration and existed only inside the scam’s ecosystem. Therefore, withdrawals failed as Berge demanded additional fees.
Cirkor Inc.
The SEC connected Cirkor Inc. to the same pattern of misrepresentation. The platform claimed global authorization and displayed staged metrics. Still, the SEC verified that the platform performed no transactions.
Cirkor often appeared near the end of the funnel used by the chat groups. The groups encouraged transfers to Cirkor after promising new digital opportunities. Additionally, the SEC found that Cirkor moved incoming funds through overseas channels.
The SEC included Cirkor in its request for injunctive relief, penalties, and disgorgement. The complaint outlined fund routing through layered accounts and crypto wallets. As a result, the SEC emphasized the broader risk posed by coordinated digital fraud.
The SEC reminded the public that online groups often serve as gateways for financial manipulation. The agency urged verification of all offers through official resources. Therefore, the SEC positioned this action as part of ongoing efforts to limit digital asset fraud.
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