The SEC, which is stated not to look favourably on the crypto world, did not step on the age board this time. The institution filed a fraud case in the Northern District Court of the State of Georgia against two people named Jonathan Adam and his brother Tanner Adam. The two brothers allegedly promised customers a 13.5% monthly return. It is stated that approximately $60 million was collected from 80 people.

The lie that ‘the bot will buy and sell, the money will stay in the pool’…

It was stated that the Adam brothers, through their companies called GCZ Global and Triten Financial Group, collected significant amounts of money from many investors from January 2023 to June of this year and lied that the collected money was transferred to a pool so that a bot could buy and sell.

It was stated that the lie was told that the funds would be kept in the pool so that the payments of the loan style, also known as ‘flash loans’, could be made. However, according to the SEC’s claim, there has never been such a pool. Payments of flash loans, known as loans that can be taken without collateral, have to be made in the same block transaction…

$30 million apartment’s instalment payments…

The SEC’s claim also stated that at least $53.9 million of the $61.5 million in investor funds went to malicious spending and some users who wanted their principal back. It is claimed that Tanner Adam, one of the brothers, made the instalment payments of a $30 million apartment he bought in Miami with these customer money, while other luxury expenses were also stated.