Wu Shuo learned that the U.S. SEC has sued Texas resident Nathan Fuller, accusing him of operating cryptocurrency investment schemes under the names Privvy Investments and others, raising approximately 12.3 million USD from about 150 investors. The SEC states that Fuller falsely claimed to use AI-based high-frequency arbitrage trading robots for cryptocurrency trading, promising investors returns of over 40% to 100% within 21 to 45 days. The SEC alleges that he misappropriated at least 6.2 million USD of investor funds for personal expenses, used about 5.5 million USD to make similar Ponzi scheme-style repayments, and concealed the use of funds through false account statements and forged documents. Currently, the SEC has filed a lawsuit for violations of securities issuance and anti-fraud provisions, seeking to recover illegal gains and civil penalties.

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