“Relationship
investment
scams,
including
those
involving
crypto
asset
investments,
pose
a
risk
of
catastrophic
harm
to
retail
investors,
and
the
threat
is
increasing
rapidly
as
these
scams
become
more
popular
with
fraudsters,”
said
Gurbir
S.
Grewal,
Director
of
the
SEC’s
Division
of
Enforcement
in
a
press
statement.
“In
these
two
cases,
we
allege
that
fraudsters
created
fake
crypto
ecosystems
that
displayed
false
information
to
investors.
Our
allegations
serve
as
a
reminder
to
the
public
to
be
on
heightened
alert
about
potential
scams
involving
investment
opportunities
promoted
by
strangers
on
social
media.”