SEC charges Adam brothers with $60 million crypto Ponzi scheme

The US SEC has announced an emergency asset freeze against brothers Jonathan Adam and Tanner Adam and their company, accusing them of committing a $60 million Ponzi scheme from January 2023 to June 2024, involving over 80 investors.

The SEC said that the Adam brothers fabricated a cryptocurrency trading "robot" and lending pool, promising up to 13.5% monthly returns. In reality, they used investors' funds to pay false returns and personal luxury expenses, including purchasing $30 million worth of apartments and luxury cars.

The SEC has filed a lawsuit seeking permanent injunctions, the recovery of illegal gains, and civil fines.