The U.S. Securities and Exchange Commission (SEC) has charged two firms for scams worth $36.8 million.

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From 2017 until 2019, the alleged pump and dump scheme involved a cryptocurrency called Dignity (DIG) token.

Bermudan company, and Cryptobontix, a Canadian company. Max W. Barber, a so-called international gold trader also involved in the alleged pump and dump scheme.

In 2017, Hogg employed Russian developers to make Ethereum-based DIG tokens, which were owned and controlled by Hogg and Cryptobontix.

Both Arbitrade and Cryptobontix falsely claimed and received title to $10 billion in gold bullion.

The organization likewise advertised the Dignity token, guaranteeing that each token was upheld by $1 worth of gold.

SEC claimed that both the gold purchase and the gold audit never happened, as they were strategies to inflate the price of DIG tokens.

SEC additionally claimed that Hog and Goldberg sold DIG on Livecoin, resulting in token value falling to zero in the year 2020.

SEC also demanded that all assets be returned to their investors and looked for an officer and director bar against the four men.