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AI Scammers Steal $14 Million With Fake Crypto Platforms!

  
December 22, 2025


  
  

    

      
      

    

  




  



        


SEC v. Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., Cirkor Inc., AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., Zenith Asset Tech Foundation — U.S. Securities and Exchange Commission Litigation Release No. 26453, dated December 22, 2025.


The SEC charged three crypto trading platforms and four investment clubs with defrauding retail investors out of at least $14 million. The defendants used social media and WhatsApp groups to gain trust, then lured investors into fake trading platforms and non-existent "Security Token Offerings." When investors tried to withdraw funds, they were asked for advance fees, and the money was funneled overseas.




In Plain English
Imagine some people pretending to be expert stock pickers online, using apps like WhatsApp. They convinced people to give them money to trade digital coins on fake websites. These websites looked real and showed fake profits, but the money was stolen from the start. When people tried to get their money back, the scammers asked for more money as a fee, and then sent the stolen cash to other countries.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.


How the Alleged Scheme Worked
  1. Recruit Investors via Social Media Defendants used ads on social media to find people interested in investing. They specifically targeted U.S.-based retail investors for their scheme.
  2. Establish Trust with Fake Investment Clubs The "Club Defendants" (AI Wealth, Lane Wealth, AIIEF, Zenith) created "investment clubs" primarily using WhatsApp. They presented themselves as experienced financial professionals offering AI-generated investment tips to build confidence.
  3. Direct Investors to Fake Trading Platforms Once trust was established, investors were directed to open and fund accounts on purported crypto asset trading platforms: Morocoin, Berge, and Cirkor. These platforms falsely claimed to have government licenses.
  4. Offer Fictitious Security Token Offerings (STOs) The defendants then offered "Security Token Offerings" (STOs), equating them to initial public offerings of stock. These STOs were purportedly issued by legitimate businesses, but in reality, neither the STOs nor the issuing companies existed.
  5. Create Illusion of Trading and Profits Investors could log into their accounts on the fake platforms, which displayed purported trading profits and losses. However, no actual trading ever took place on Morocoin, Berge, or Cirkor; the platforms were entirely fake.
  6. Prevent Withdrawals with Advance Fees When investors attempted to withdraw their funds, the defendants defrauded them further by demanding they pay advance fees. They were told these fees were necessary to access their accounts, which were allegedly threatened with being frozen.
  7. Misappropriate Funds Overseas From at least January 2024 to January 2025, the defendants acted together to misappropriate at least $14 million from U.S. investors. These funds were then funneled overseas through various bank accounts and crypto asset wallets.


The Enforcement Action
The SEC filed a complaint on December 22, 2025, in the U.S. District Court for the District of Colorado, charging Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., Cirkor Inc., AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and Zenith Asset Tech Foundation with defrauding retail investors of at least $14 million. The SEC seeks permanent injunctions, civil penalties, and disgorgement with prejudgment interest against the defendants. The SEC's investigation was conducted by Devlin N. Su, Thomas Bedkowski, and Crystal Boodoo, and supervised by Norman P. Ostrove, Laura D’Allaird, and Scott A. Thompson. Litigation is led by Christopher R. Kelly and supervised by Gregory Bockin.


Named in this action: Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., Cirkor Inc., AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., Zenith Asset Tech Foundation.


Original SEC litigation release ↗ · Browse all cases