The SEC is charging the founders and promoters of NovaTech for operating a financial pyramid scheme that raised a total of $650 million in cryptocurrencies. 

According to the SEC, the Founders promised that NovaTech would invest investors' money in cryptocurrencies and currency markets. In reality, most of these funds were used to pay profits to earlier investors, pay commissions to promoters, and for the founders' personal expenses.

NovaTech collapsed in May 2023, leaving more than 200,000 investors around the world with no way to recover their funds.

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Another reminder of the importance of conducting thorough due diligence before investing in any scheme promising high returns. Scams in the crypto space can have devastating consequences for investors globally. Stay vigilant and always prioritize security over greed.