MetaMask is rolling out a new way for users to earn yield on its wallet-native MetaMask USD (mUSD) stablecoin—while keeping the wallet self-custodial. The Consensys-backed team says its newly launched Money Account can provide up to 4% variable APY on eligible deposits, with funds intended to be spent via a card on the Monad blockchain.

The launch lands at a moment when US regulators and lawmakers have been closely debating whether yield-bearing stablecoins—especially those that pay interest to token holders—should be treated like traditional financial products. MetaMask’s approach attempts to separate the stablecoin’s reserve backing from the mechanics of how returns are generated.

Key takeaways

• MetaMask Money Account targets up to 4% variable APY on eligible mUSD deposits in supported jurisdictions.
• Yield is described as coming from DeFi lending activity, not issuer-paid interest.
• mUSD reserves are said to be backed 1:1 by US dollar assets held by Bridge, a Stripe company.
• Availability is limited: the product excludes the UK, EU member states, and sanctioned jurisdictions.
• Because MetaMask is self-custodial, KYC is not performed by MetaMask itself, but is required for regulated features like fiat on-ramps and the MetaMask Card.

A yield product that MetaMask says is “structurally separate”

Consensys positions Money Account as a two-layer system that distinguishes how mUSD is backed from how users’ yield is produced. In an explanation provided to Cointelegraph, Johann Bornman, MetaMask senior director of product, said the design deliberately separates the stablecoin’s reserve backing from the yield layer.

According to Bornman, the first layer concerns reserve backing. He said Bridge, described as holding US dollar reserves and short-term Treasury bills, backs mUSD on a 1:1 basis. In this model, the issuer is not portrayed as paying yield to holders.

The second layer is the onchain yield engine. When users open a Money Account and deposit mUSD, the stablecoin is routed into a DeFi system managed through a vault provider called Veda. Veda then allocates capital into lending protocols including Aave and Morpho.

Bornman summarized the intent behind the product’s architecture by stating that reserve backing and yield generation are “structurally separate,” adding that the yield “doesn’t come from the issuer” but from DeFi protocol activity.

How users can earn—and where the spend flow fits

MetaMask says Money Account allows users to earn yield and spend without waiting to redeem. In remarks attributed to Consensys CEO Joe Lubin, the company characterized the product as enabling users to earn the moment funds are added and spend the moment they need to.

While MetaMask frames the yield mechanism as DeFi-driven, the company’s spending functionality is tied to a specific environment: yield-bearing funds are intended to be spent via a card exclusively on Monad. The product’s rollout therefore appears to combine an earnings layer built on DeFi lending with an application layer for spending within a particular blockchain ecosystem.

Investors and traders watching stablecoin yield mechanics will likely focus on whether this “separation” of backing versus yield impacts regulatory exposure. That question has been central in the broader US debate over whether certain stablecoin designs resemble interest-bearing investment products.

Regulatory friction in the US, and the CLARITY Act backdrop

MetaMask’s launch comes amid continued discussion in the United States around yield-bearing stablecoins. The article notes that the CLARITY Act contains provisions related to restricting payment of interest or yield on payment stablecoins when tied to holding.

MetaMask’s product design—using reserve backing by Bridge and generating yield via DeFi protocols—can be read as an attempt to fit into a narrower interpretation of how returns are created. Still, the practical regulatory classification will depend on how authorities interpret the overall arrangement, including how users experience “yield” and how control and economics are distributed.

For readers, the key takeaway is that Money Account may offer a clearer explanation of its mechanics, but it does not automatically resolve regulatory risk. What matters next is how regulators treat yield features in practice, especially where stablecoins are used with spending rails like cards.

Self-custody, KYC boundaries, and restricted access

Money Account is rolling out globally starting Tuesday, but excluding the United Kingdom, EU member states, and sanctioned jurisdictions, Bornman said.

MetaMask’s self-custodial model affects how compliance is implemented. The wallet itself, as described, does not require KYC because it does not custody user funds. However, Bornman emphasized that KYC is required for features that interact with regulated services—explicitly including fiat on-ramps and the MetaMask Card.

Bornman further said Money Account does not require KYC and that users can hold mUSD and earn yield with the “click of a button.” In cases where KYC is needed, he attributed the responsibility to third-party providers that operate regulated services, rather than MetaMask.

For users in eligible jurisdictions, this could reduce friction compared with yield products that require full identity verification before deposit. For builders and compliance teams, the model suggests a split between self-custody interfaces and regulated rails—something the market increasingly looks for as stablecoin products scale.

mUSD is still small—so the rollout is about distribution

The broader story here is not only the yield feature, but MetaMask’s push to expand the utility of mUSD. The launch follows MetaMask’s wallet-native stablecoin debut in September 2025. CoinGecko data cited in the article shows mUSD’s market capitalization briefly peaked above $100 million shortly after launch, then fell below $30 million. At the time of writing, mUSD’s market cap was around $32 million, placing it among smaller US dollar-pegged stablecoins by market size.

That context matters: Money Account could help drive additional demand for mUSD by turning a wallet-native token into an yield-bearing balance with a spending pathway. But market participants will likely watch whether the yield feature increases sustained usage—or whether deposits remain limited given the restricted geography and the narrower user flow to Monad-based card spending.

With Money Account now live, the next signals to monitor are user uptake in supported regions, any changes in APY as DeFi strategies and conditions evolve, and how the product’s “issuer vs DeFi yield” structure is received by regulators amid US debates over yield-bearing stablecoins.

The Clarity Act is widely viewed as the crypto industry’s most important market structure bill because it would establish clear rules for when digital assets are regulated as securities by the Securities and Exchange Commission (SEC) or commodities by the Commodity Futures Trading Commission (CFTC), replacing years of regulatory uncertainty.

Supporters say that legal clarity would make it easier for banks, asset managers and other institutions to launch tokenized products, custody services and blockchain-based financial offerings, potentially unlocking broader institutional adoption and investment in the sector.

According to Jefferies, passage would provide the durable regulatory framework banks, asset managers and exchanges need to expand tokenization, custody, staking, lending and other blockchain-based services. The bank also expects it to accelerate tokenized securities, broaden crypto exchange-traded fund (ETF) offerings beyond bitcoin BTC$58,348.58 and ether (ETH), and revive the pipeline for crypto infrastructure IPOs.

A delay, however, would extend regulatory uncertainty. While recent SEC, CFTC and OCC guidance has improved the outlook, the report said agency actions can be reversed by future administrations, potentially prompting regulated financial institutions to slow blockchain initiatives while reassessing legal and compliance risks.

The bank’s analysts expect the legislative process to drive volatility in crypto-linked equities including Circle (CRCL), Coinbase (COIN) and CoinDesk’s owner Bullish (BLSH), as well as select crypto tokens.

Key Takeaways

• Dish DBS, EchoStar’s satellite television division, is expected to enter chapter 11 bankruptcy protection this week, potentially by Tuesday.
• A pre-negotiated restructuring agreement has secured support from bondholders representing over 82% of approximately $10 billion in Dish DBS obligations.
• The parent company shoulders approximately $25 billion in aggregate debt while hemorrhaging subscribers—losing about 177,000 pay TV customers in the latest quarter.
• Awaited spectrum transactions with AT&T (valued at $22.65 billion) and SpaceX (valued at $17 billion) remain incomplete, preventing debt reduction.
• On Monday, SATS stock started trading at $103.80, carrying a consensus Hold recommendation with analysts projecting an average target of $137.71.

Shares of EchoStar (SATS) began Monday’s session at $103.80, slipping 0.1% as the company moves forward with plans to file chapter 11 bankruptcy for its Dish DBS satellite television division, the Wall Street Journal reports.

EchoStar Corporation, SATS

The bankruptcy petition could be submitted as early as this Tuesday. The move addresses close to $10 billion in Dish DBS liabilities that have burdened EchoStar’s balance sheet.

Underpinning the bankruptcy strategy is a restructuring framework negotiated earlier this year. Bondholders controlling more than 82% of Dish DBS debt have already committed to the arrangement.

The proposal seeks to reduce outstanding obligations, resolve bondholder litigation, and provide EchoStar with increased financial flexibility for future strategic transactions. White & Case has been retained for legal representation, while FTI Consulting serves as financial advisor for Dish DBS.

Financial Deterioration Drives Restructuring

EchoStar’s traditional pay television operations continue to deteriorate. The segment generated $2.26 billion in revenue during the most recent quarter, representing a year-over-year decline exceeding $260 million.

Customer attrition compounds the revenue challenge. Approximately 177,000 net pay TV subscribers departed during the quarter, reducing the total customer base to slightly above 6.6 million.

The company’s consolidated debt burden stands at roughly $25 billion. This substantial leverage poses increasing challenges for an enterprise confronting what EchoStar characterized as “intense and increasing competition” across video, broadband, and wireless markets.

This restructuring represents EchoStar’s latest attempt to stabilize its financial position. A proposed 2024 merger between Dish Network and DIRECTV ultimately failed after bondholders rejected a mandatory debt exchange.

Those creditors contended the transaction would improperly transfer billions in assets to entities controlled by EchoStar founder Charlie Ergen. That contentious episode clearly influenced the negotiation approach for the current restructuring plan.

Spectrum Asset Sales Remain Incomplete

Regulatory pressure from the FCC regarding 5G network deployment commitments has also complicated EchoStar’s situation. To resolve compliance issues, the company arranged spectrum asset sales to AT&T for $22.65 billion and to SpaceX for $17 billion.

Both transactions remain unconsummated. The combined proceeds are intended to substantially reduce EchoStar’s debt burden once the sales finalize.

The extended timeline has already created operational disruptions. EchoStar defaulted on interest obligations for multiple bonds scheduled for June 1 payment, attributing the missed payments to delayed AT&T transaction proceeds.

By mid-June, EchoStar announced that Dish DBS would satisfy those delinquent interest payments. This temporary solution maintained operational continuity while the comprehensive restructuring advanced.

Regarding operational performance, EchoStar reported a quarterly loss of $0.51 per share, underperforming analyst projections by three cents. Quarterly revenue reached $3.67 billion, marginally exceeding the $3.65 billion consensus estimate and representing improvement from the $0.71 per-share loss recorded one year prior.

Analyst sentiment toward SATS stock remains divided but generally cautious. The consensus recommendation stands at Hold, with price objectives spanning from Weiss Ratings’ sell recommendation to TD Cowen’s $155 buy-rated target.

CEO Hamid Akhavan executed a sale of 52,586 shares on June 5 at an average price of $121.00 per share, generating proceeds exceeding $6.36 million. The transaction occurred pursuant to a predetermined trading arrangement and reduced his holdings by 5.73%, though company insiders collectively maintain 55.90% ownership.

Strategy stock has remained under pressure after TD Cowen cut its price target despite backing Michael Saylor’s latest capital strategy and maintaining a bullish rating on the company.

According to a recent TD Cowen research note, the brokerage reduced its price target for Strategy (MSTR) from $400 to $260 while keeping a “buy” rating on the stock. The firm attributed the lower valuation to a more conservative long-term outlook for Bitcoin (BTC), rather than concerns over Strategy’s newly announced Digital Credit Capital Framework.

Despite the reduction, TD Cowen said the revised target still implies roughly 200% upside from current trading levels.

The revision came a day after Strategy shares rallied more than 12% as investors reacted to the company’s latest financing framework. Although the stock gave back part of those gains in the following session, TD Cowen described the new capital plan as a positive step that could improve the company’s financial flexibility over time.

Bitcoin outlook has driven the target reduction

TD Cowen’s report separates its Bitcoin expectations from its view on Strategy’s corporate actions. Instead of questioning the company’s latest financial decisions, the brokerage lowered its valuation because it expects a weaker long-term Bitcoin price than previously forecast.

The updated assessment arrives as Strategy continues adjusting how it manages its Bitcoin treasury. In a regulatory filing dated June 29, the company introduced its Digital Credit Capital Framework, giving it the ability to raise up to $1.25 billion through Bitcoin sales.

According to the filing, proceeds could be used to maintain U.S. dollar reserves, fund preferred dividend payments, meet interest obligations, increase cash holdings, and finance future share repurchases.

Alongside the new framework, Strategy authorized the repurchase of up to $1 billion of its Digital Credit Securities, including STRC, STRF, STRD, and STRK, if management determines that buybacks would strengthen the company’s capital structure.

The company also disclosed that it has paused additional Bitcoin purchases while selling about $1.15 billion worth of MSTR shares as part of its capital management strategy.

Strategy faces new questions over Bitcoin accumulation

Attention has also turned to whether Strategy can continue expanding its Bitcoin holdings under current market conditions.

On June 28, Michael Saylor posted Strategy’s Bitcoin tracker on social media alongside the message, “We’re gonna need more charts.” Similar tracker posts have preceded previous Bitcoin purchase announcements, leading some investors to speculate that another acquisition could be disclosed.

Strategy’s most recent reported purchase came on June 22, when it acquired 520 BTC for approximately $35 million at an average price of $67,068 per coin. The purchase increased the company’s total holdings to 847,363 BTC, according to its official Bitcoin purchase tracker.

Recent market conditions, however, have complicated the company’s long-running accumulation model. As previously reported, Strategy’s mNAV has fallen below 1.0 for the first time during this market cycle, dropping to around 0.80 after Bitcoin slipped below $60,000. 

Trading below the value of its Bitcoin holdings makes it harder for the company to issue new shares at a premium and use those proceeds to buy additional BTC without diluting existing shareholders.

Management has previously indicated that issuing common equity below roughly 1.22 times mNAV can become value-destructive on a per-share basis. As a result, some investors have questioned whether restoring the valuation premium should take priority over further Bitcoin purchases.

Strategy’s updated framework has also sparked criticism from some market participants because it allows limited Bitcoin monetization. Critics argue that selling Bitcoin could weigh on market sentiment, while Ripple CEO Brad Garlinghouse has publicly criticized Strategy’s role during the recent crypto market decline.

The debate has gained additional attention because Saylor has consistently encouraged long-term Bitcoin holding even as the company evaluates new ways to manage its balance sheet. 

MetaMask, a self-custodial wallet developed by Consensys, is launching a new product that it says lets users earn yield on its MetaMask USD (mUSD) stablecoin and spend it via a card exclusively on the Monad blockchain.

The company on Tuesday announced the launch of Money Account, a product it says offers up to 4% variable annual percentage yield (APY) on eligible stablecoin deposits in supported jurisdictions.

“Your balance earns the moment you add funds, and you can spend the moment you need to,” Consensys CEO Joe Lubin said in a statement seen by Cointelegraph.

The launch comes amid ongoing debate over yield-bearing stablecoin products in the US, where the CLARITY Act includes provisions restricting the payment of interest or yield on payment stablecoins when tied to holding.

Yield engine powered by DeFi vaults

Money Account generates yield through decentralized finance (DeFi) lending strategies rather than issuer-paid interest, MetaMask senior director of product Johann Bornman told Cointelegraph.

The system relies on two entirely separate mechanisms, separating how the stablecoin is backed from how yield is generated, Bornman said.

A preview of MetaMask’s Money Account. Source: ConsenSys

The first mechanism involves stablecoin backing. Bridge, a Stripe company, holds US dollar reserves and short-term Treasury bills that back mUSD on a 1:1 basis. Under this structure, the issuer does not pay any yield to holders.

The second mechanism is the DeFi yield layer. When users deposit into a Money Account, funds are routed through onchain vault provider Veda, which allocates capital into established lending protocols such as Aave and Morpho.

“Simply put, mUSD’s reserve backing and the yield users earn are structurally separate,” Bornman said, adding: “The yield doesn’t come from the issuer, it comes from DeFi protocol activity.”

KYC and availability: EU and UK among restricted geos

The Money Account is rolling out globally on Tuesday, except in the United Kingdom, European Union member states and sanctioned jurisdictions, Bornman said.

As MetaMask operates a self-custodial wallet, the platform itself does not require Know Your Customer checks, but KYC is required for any features that interact with regulated services, including fiat on-ramps and the MetaMask Card.

Related: Trezor adds native USDt, USDC yield via Morpho integration

“Money Account itself does not require KYC, users can hold mUSD and earn yield with the click of a button,” Bornman said. “Where KYC is required, those checks are carried out by third-party providers that operate those regulated services, not by MetaMask,” he added.

The launch comes less than a year after MetaMask officially launched its wallet-native mUSD stablecoin in September 2025.

MetaMask USD (mUSD) market capitalization since launch. Source: CoinGecko

The stablecoin’s market capitalization briefly peaked above $100 million shortly after launch before slipping below $30 million, according to CoinGecko data.

At the time of writing, mUSD’s market cap stood at $32 million, placing it among smaller US dollar-pegged stablecoins by market size.

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

Key Highlights

• Micron Technology (MU) has pledged $250 million toward Trump Accounts, officially designated as 530A Accounts.
• The initiative aims to benefit approximately one million young Americans and their families.
• Employees receive matching contributions of up to $1,000 annually for each child under age 18.
• Qualifying children across Idaho, New York, Virginia, California, Colorado, Minnesota, and Texas will receive initial $250 deposits.
• This move complements Micron’s previously announced $200 billion domestic manufacturing expansion.

Micron Technology (MU) has made a substantial financial commitment to a newly established federal children’s savings initiative. The semiconductor manufacturer revealed its $250 million pledge to Trump Accounts on Tuesday, marking the occasion alongside America’s 250th birthday celebration.

Micron Technology, Inc., MU

Trump Accounts—officially designated as 530A Accounts—represent a fresh approach to childhood savings programs. These accounts channel investments into low-cost U.S. index funds, providing minors with access to sustained equity market performance over time.

The company characterizes its financial pledge as the most significant corporate participation in the program to date. Micron anticipates extending benefits to nearly one million young people through this initiative.

Program Structure and Benefits

Employees of Micron will receive dollar-for-dollar contribution matching for deposits made into their children’s accounts. This matching program covers annual contributions reaching $1,000 per qualifying child under 18 years old.

Beyond employee benefits, the chipmaker has designated funds for broader community impact. Children residing in designated states will receive a one-time $250 initial deposit into newly established Trump Accounts.

The eligible states—Idaho, New York, Virginia, California, Colorado, Minnesota, and Texas—align with Micron’s current manufacturing and operational footprint.

The distribution strategy focuses resources on areas where Micron maintains active facilities. Consequently, workers and residents in proximity to company sites will receive primary access to these financial benefits.

Alignment with Domestic Expansion Plans

This financial commitment doesn’t exist in isolation. Micron previously announced plans to deploy over $200 billion toward domestic memory chip production and innovation facilities.

That capital allocation targets the creation of more than 90,000 American employment opportunities. The Trump Accounts participation represents a parallel investment in human capital development.

CEO Sanjay Mehrotra emphasized that Micron recognizes human investment as equally critical to technological advancement. He expressed appreciation to the Trump administration for establishing the account framework.

Treasury Secretary Scott Bessent responded positively to the announcement, characterizing the commitment as promising and positioning Micron as an example for other corporations. [[LINK_START_4]]Dell Technologies[[LINK_END_4]] CEO Michael Dell endorsed the initiative as well, referencing existing commercial relationships between the two companies.

Invest America founder Brad Gerstner distinguished the pledge as substantive rather than ceremonial. He emphasized that the commitment places tangible capital into private accounts benefiting close to one million children.

Micron’s investment portfolio extends beyond savings accounts into additional workforce development channels. The company supports K-12 STEM programming, semiconductor-focused educational materials, artificial intelligence learning initiatives, and collaborations with two-year and four-year educational institutions.

The semiconductor manufacturer also funds registered apprenticeship opportunities within the chip industry. While administered separately from the Trump Accounts program, these initiatives align with Micron’s comprehensive workforce cultivation strategy.

Families seeking to establish a Trump Account can access the platform at trumpaccounts.gov. Micron indicated that comprehensive eligibility criteria for community seed funding will become available through its dedicated portal at micron.com/communityinvestment.

OKX has launched a beta marketplace for artificial intelligence (AI) agents, positioning the platform as “economic infrastructure” for agentic commerce. The initiative lets developers list their own AI agents to earn revenue, while other agents and users can post tasks, find suitable agents, and complete work with onchain settlement and a shared reputation layer.

OKX says the marketplace will connect an agent marketplace—where builders monetize agent services—with a separate task marketplace that matches incoming work to agents. The beta will run until OKX sees “consistent, repeat usage patterns” across users, with trading, onchain activity, and research tasks expected to be the first major categories.

Key takeaways

• OKX’s AI agent marketplace connects a service-listing agent market with a task market for matching agent-to-agent work.
• Builders can get paid in stablecoins initially including USDT and USDG, with escrow for complex tasks and instant pay-per-call for standardized services.
• All agent tasks feed into a single onchain reputation system designed to reduce hiring risk from agents with poor or disputed histories.
• The beta is expected to emphasize trading, onchain tasks, and research, and remains in testing until usage patterns stabilize.

How OKX’s AI agent marketplace works

According to OKX’s announcement shared with Cointelegraph, the OKX AI platform is built around two marketplaces. In the agent marketplace, AI developers can list agents that offer services, and earn income when those agents are selected. In the task marketplace, tasks are posted and agents can locate other agents capable of completing them.

OKX also describes the platform as a combined stack for identity, reputation, payments, and a skills marketplace. Its spokesperson told Cointelegraph that it is not just another catalog of AI tools, but a framework meant to let agent-driven transactions proceed with verifiable histories.

Stablecoin payments and escrow-based settlement

For compensation, OKX says AI agent builders will be paid in stablecoins. The beta is scheduled to start with Tether’s USDT (USDT) and Paxos’ Global Dollar (USDG), with settlement handled through smart-contract mechanisms depending on task type.

For more complex work, OKX says payments will use escrow-based contracts until deliverables are completed and verified. For standardized services, the platform will support instant “pay-per-call” transactions, aiming to reduce friction where outcomes are less subjective.

The practical implication for participants is that payout logic is designed to map to how tasks are executed: escrow is intended to slow down releases when verification is needed, while pay-per-call is intended for repeatable operations that can be confirmed quickly.

Onchain reputation as an anti-malicious layer

A central feature of the beta is an onchain reputation system managed through the OKX Agentic Wallet. OKX says the reputation tracks an agent’s work history onchain, so agents without track records—or those with failed or disputed work—should become less attractive to other agents during selection.

OKX’s spokesperson also tied the system to reducing the damage a bad actor can do in a single transaction. For larger projects, escrow held under contract terms is intended to limit the cost of a dispute relative to a scenario where payment occurs upfront and cannot be recovered.

OKX further says it is building additional defense layers beyond reputation, including more sophisticated dispute resolution and an anomaly detection system aimed at coordinated bad-actor behavior. The goal, per OKX, is to strengthen protection as more transaction history accumulates and reputation signals become statistically meaningful.

Who is onboard and what comes next for the beta

OKX says the marketplace launch includes support from companies and ecosystem participants including Amazon Web Services (AWS), AltLayer, CertiK, the Ethereum Foundation, the Solana Foundation, Opentensor Foundation, and StraitsX.

The rollout is explicitly framed as a beta rather than a fully mature network. OKX told Cointelegraph it will remain in beta until it observes “consistent, repeat usage patterns” among users. Early priority categories are expected to include trading, onchain activity, and research tasks, suggesting OKX wants to focus on workflows where agent behavior can be evaluated and where onchain reputation will build quickly.

There is also a wider industry tailwind behind the launch. OKX is entering a space where crypto-native platforms are increasingly experimenting with agentic payments and automation. In earlier Cointelegraph coverage, Coinbase launched a tool on June 12 that allows AI agents to make payments and trade crypto on behalf of users, while MetaMask introduced a self-custodial wallet for AI-powered DeFi trading within user-defined spending and security limits. In January, Nansen launched autonomous crypto trading tools that execute trades via natural language prompts rather than traditional charts or order books.

Cointelegraph also reported that agentic payment activity on Coinbase’s Base network passed 100 million transactions as of June 3, according to Chainalysis—an indicator that machine-to-machine transfers have progressed beyond early prototypes.

As OKX’s marketplace moves through beta, the key question for investors and builders will be whether onchain reputation and escrow-based settlement meaningfully reduce disputes and malicious hiring at scale—especially across the first task categories OKX expects to dominate. Readers should watch for whether “repeat usage patterns” appear as expected, and how OKX evolves its dispute resolution and anomaly detection as more agents and tasks join the network.

A federal judge in New York entered a $5.5 million default judgment against NanoBit Limited and five related defendants over an alleged relationship-investment scam built on a fake crypto trading platform.

The U.S. District Court for the Eastern District of New York ordered $5,518,902 in combined disgorgement, prejudgment interest, and civil penalties on June 16, the U.S. Securities and Exchange Commission (SEC) announced.

The agency alleged that from September 2023 to June 2024, scheme participants posed as financial-industry professionals in WhatsApp groups, built trust with investors, and then directed them to deposit funds into NanoBit.

Although users’ dashboards displayed what appeared to be profitable trades, the SEC alleged the platform never executed any crypto transactions. At least 18 investors lost nearly $1 million in crypto and fiat currency, according to the SEC’s complaint.

Investor funds weren’t used to trade, but rather went to bank accounts in Hong Kong, the SEC said. Participants wired more than $2 million offshore and misappropriated hundreds of thousands of dollars in investors’ crypto assets.

NanoBit also falsely claimed an affiliate, NanobitUS Securities, was SEC-registered and tied to reputable financial firms.