The U.S. Securities and Exchange Commission has filed fraud charges against two men it says ran a cryptocurrency investment scheme that took in more than $25 million from investors. The agency alleges the pair misled people about the opportunity while using the money in ways that did not match what was promised.

According to the SEC, the case centers on claims that the defendants used false or misleading statements to attract funds. The complaint adds to a long list of enforcement actions aimed at curbing crypto-related scams, a sector that has drawn repeated warnings from regulators over weak disclosures and aggressive marketing.

The filing does not resolve the allegations, and the two men have not been found liable in court. Still, the case underscores the risks facing retail investors in an industry where oversight has often lagged behind rapid growth and high-profile losses.

Regulators have continued to press for stricter compliance and clearer investor protections as they pursue cases tied to digital assets. For affected investors, the complaint is another reminder to verify claims carefully before committing money to speculative products.