The US SEC won a case involving encryption fraud, and the defendant has been ordered to pay over 1.1 million dollars.

On June 5, Cointelegraph reported that the U.S. Securities and Exchange Commission (SEC) won a $1.1 million court win in a crypto fraud case in which the defendants did not respond to the allegations. A federal court judge in Georgia ruled in absentia in favor of the SEC's lawsuit against Keith Crews. The SEC sued Crews in August 2023 for involvement in cryptocurrency fraud, but Crews did not respond or defend against it. Judge Tiffany Johnson ordered Crews to pay more than $1.1 million in financial penalties, including the return of $530,000 in net profits for alleged misconduct, nearly $51,000 in prejudgment interest, and $530,000 in civil penalties. In addition, the judge also ruled that Crews is permanently barred from violating securities laws again.