SEC sues Privvy founder over $12.3 million crypto scheme as AI ‘bots’ turn out to be neither
60-second summary
The SEC is suing Privvy founder Fuller over a $12.3 million crypto scheme, alleging he misappropriated funds for personal expenses, including a $1 million house, gambling, trading cards, travel, and a Jeep. The SEC claims Fuller's AI 'bots' were not legitimate, instead being a ruse to deceive investors.
The SEC alleges Fuller spent misappropriated funds on a roughly $1 million house, gambling, trading cards, travel and a Jeep.