The U.S. Securities and Exchange Commission (SEC) has taken significant enforcement actions against cryptocurrency scams, marking its first actions against 'pig butchering' scams. The SEC charged three individuals and five companies for operating these scams, which involve fraudulently convincing victims to invest in fake crypto schemes. Among the targeted entities are two platforms, Nanobit and Coinw6, accused of using social media to scam investors by faking connections and disappearing after siphoning over $2 million in one scheme alone. In 2023, cryptocurrency scams and fraud contributed to an estimated $5.6 billion in losses, prompting federal agencies like the FBI to issue warnings about the growing threat of such scams, including romance scams and social engineering tactics. This marks the SEC's first-time action on romance scams.