The U.S. Securities and Exchange Commission (SEC) has indicted three fake cryptocurrency trading platforms and four investment clubs for allegedly defrauding people of $14 million.
PANews reported on December 24 that, according to an announcement on the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against three fake cryptocurrency trading platforms—Morocoin, Berge, and Cirkor—and four investment clubs. The SEC accuses them of using social media ads to lure retail investors into joining WhatsApp group chats, where they were then tricked into investing in fake platforms and counterfeit security tokens under the guise of AI stock recommendations, defrauding investors of over $14 million. The fraudulent methods included fabricating government licenses, falsifying transaction records, and charging fraudulent withdrawal fees. The SEC is seeking a permanent injunction, civil penalties, and the recovery of unjust enrichment.
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Wormhole token soars following tokenomics overhaul, W reserve launch
Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more