SEC Reports Over $100 Million in Alleged Crypto Fraud in Fiscal 2026

Highlights:

• The SEC highlighted two major crypto fraud cases involving more than $100 million in investor funds.
• A Bitcoin mining scheme allegedly raised $95.6 million, while fake crypto platforms defrauded investors of $14 million.
• The regulator brought 348 enforcement actions and secured $1.095 billion in monetary relief orders during fiscal 2026.

The US Securities and Exchange Commission (SEC) has highlighted two cryptocurrency fraud cases involving more than $100 million in investor funds during fiscal year 2026. The cases include a Bitcoin mining scheme that allegedly raised $95.6 million and fake crypto trading platforms accused of stealing at least $14 million from retail investors. The regulator also reported 348 enforcement actions across the wider financial market.

In its November 10 annual enforcement report, the SEC reviewed cases filed during the fiscal year that ended September 30. Both cryptocurrency cases were originally announced in December 2025 and were highlighted again in the latest results.

SEC Highlights $14 Million Crypto Investment Scam

The SEC accused three purported cryptocurrency trading platforms and four investment clubs of defrauding retail investors of more than $14 million. The platforms were Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc. The investment clubs included AI Wealth, Lane Wealth, AI Investment Education Foundation, and Zenith Asset Tech Foundation.

According to the SEC’s December 22 complaint, the groups approached investors through social media advertisements and WhatsApp chats between January 2024 and January 2025. They allegedly posed as financial professionals and shared investment tips supposedly generated by artificial intelligence. After gaining investors’ trust, the groups directed them to fake cryptocurrency trading platforms.

The regulator said no actual trading took place on those platforms. Instead, the operators allegedly transferred investors’ money overseas through bank accounts and cryptocurrency wallets. Some victims were also asked to pay additional fees when attempting to withdraw their funds.

Bitcoin Mining Scheme Allegedly Raised $95.6 Million

In another case, the SEC charged Danh C. Vo, founder and former CEO of VBit Technologies, over an alleged Bitcoin mining investment scheme. According to its December 17 announcement, Vo raised more than $95.6 million from approximately 6,400 investors by selling agreements promising passive income from Bitcoin mining.

However, the SEC alleged that VBit sold contracts for far more mining machines than the company operated. Vo also allegedly misappropriated $48.5 million in investor funds, spending some of the money on gambling and gifts to family members before leaving the United States. The regulator sought civil penalties, repayment of allegedly misappropriated funds, and restrictions on Vo’s future business activities.

SEC Reports 348 Enforcement Actions

Beyond cryptocurrency fraud, the SEC reported 348 enforcement actions during fiscal year 2026. These included 235 standalone cases and 113 follow-on administrative proceedings. The regulator secured orders for $1.095 billion in monetary relief, including $752 million in disgorgement and prejudgment interest and $343 million in civil penalties. It also returned approximately $731 million to more than 250,000 harmed investors.

The numbers are from the SEC’s enforcement efforts, and not specifically for cryptocurrencies. The agency also bolstered its “retail investment fraud efforts” and improved detection of suspicious financial activity.