SEC removes filings used to legitimize $130 million crypto fraud

The U.S. SEC removed regulatory filings submitted by BG Wealth Sharing and DSJ Exchange that were used to legitimize a $130 million crypto investment fraud. The companies allegedly exploited the SEC's public disclosure system, presenting false Form ADV and Form D filings as evidence of government authorization to attract investors. Over 223,000 blockchain addresses sent funds to the scheme, resulting in losses exceeding $100 million, while the companies diverted most deposits rather than investing them as advertised.