The U.S. Securities and Exchange Commission (SEC) has brought charges against several companies accused of running a large scale cryptocurrency investment scam that defrauded retail investors of more than 14 million dollars by promoting fake artificial intelligence based trading strategies.
According to the SEC’s complaint, the alleged fraud involved crypto trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., and Cirkor Inc., along with investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation (AIIEF) Ltd., and Zenith Asset Tech Foundation.
Regulators stated that the scheme followed a carefully planned, multi stage process. Victims were first targeted through paid advertisements on social media platforms. They were then invited into private group chats, where scammers impersonated experienced financial professionals and claimed to offer high return investment opportunities powered by AI generated trading signals.
After gaining the trust of participants, the fraudsters persuaded them to deposit funds into what appeared to be legitimate cryptocurrency trading platforms. In reality, these platforms were entirely fake and designed solely to steal investor funds.
The SEC explained that AI Wealth, Lane Wealth, AIIEF, and Zenith operated so called investment clubs primarily through WhatsApp. AI Wealth and Lane Wealth managed their groups from at least January 2024 through June 2024, while AIIEF and Zenith ran similar operations from July 2024 until January 2025.
Investigators allege that an unidentified individual based in Beijing, China, financed the registrations of AI Wealth, Lane Wealth, and Zenith. The cryptocurrency platforms involved in the operation were identified as follows:
Morocoin Tech Corp., established around December 2023, accessible at h5.morocoin[.]top, currently delinquent
Berge Blockchain Technology Co., Ltd., established around June 2022, accessible at www.bergev[.]org, currently delinquent
Cirkor Inc., established around May 2024, accessible at www.cirkortrading[.]com, administratively dissolved in October 2025
Each investment club featured two key personas. A so called “professor” shared market commentary, macroeconomic updates, and stock related discussions, while an “assistant” handled daily communication with investors. Both roles promoted trade recommendations that were falsely presented as being generated by advanced AI systems.
The SEC stated that these AI themed tips were used to build credibility before steering investors toward opening accounts on Morocoin, Berge, and Cirkor. The platforms allegedly claimed to be licensed and regulated, although no such approvals existed.
The complaint further alleges that the investment clubs promoted fraudulent Security Token Offerings. AI Wealth and Lane Wealth advertised an STO for a crypto asset named SCT, supposedly issued by a company called SatCommTech. Similarly, AIIEF and Zenith promoted another STO for an asset named HMB, which they claimed was issued by HumanBlock. Both SatCommTech and HumanBlock were later confirmed to be fictitious entities.
No actual trading occurred on any of the platforms. The token offerings were entirely fabricated, and the businesses claimed to be issuing them did not exist.
When investors attempted to withdraw their funds, the scam escalated. Victims were told they needed to pay additional fees in advance to unlock their balances. After extracting more money, the platforms eventually blocked investors from accessing their accounts altogether.
The SEC estimates that at least 14 million dollars in stolen funds were transferred overseas through a complex network of bank accounts and cryptocurrency wallets. Some of these accounts were held by individuals in China and Myanmar, with funds moving through Southeast Asia. Of the total amount, approximately 7.4 million dollars was held in cryptocurrency, while 6.6 million dollars passed through traditional fiat accounts.
In one instance, a Morocoin investor sent more than one million dollars across seven separate wire transfers to accounts in China and Hong Kong. In another case, a Cirkor investor wired over 1.4 million dollars to a bank in Indonesia.
Multiple victims have also reported losses on Reddit, where AIIEF was flagged for using aliases such as “Richard Dill” and “Daisy Akemi” for its professors and assistants.
The SEC has charged the defendants with violating the anti fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The regulator is seeking permanent injunctions, civil penalties, and the return of misappropriated funds with prejudgment interest.
Laura D’Allaird, Chief of the SEC’s Cyber and Emerging Technologies Unit, stated that the case highlights a growing pattern of investment fraud targeting U.S. retail investors through deceptive technology based claims.
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