Wealth BAX Finance
A California resident recently reported receiving a text message from a stranger named “Sandy.” After exchanging a few messages, Sandy proposed they continue their conversation on WhatsApp, and their interaction blossomed from there. Sandy later introduced the victim to a cryptocurrency trading platform called Wealth Bax. She instructed the victim to create an account and to transfer funds to a specific website. To set up their account, the victim had to provide personal information and even upload a photo of their driver’s license. After depositing cryptocurrency into their account and starting to trade, Sandy claimed that if the victim provided her with money to assist her family, she would reciprocate by adding funds to the victim’s account. Eventually, the website indicated that the investment had grown to $281,992. However, when the victim attempted to withdraw money, the platform demanded over $40,000 in taxes to be paid to the IRS first. Sandy advised the victim to pay the taxes, claiming she had to do the same to access her own funds. Ultimately, the victim was unable to withdraw any money, and the website has since ceased operations.
Fraudulent Trading Platform
Another California resident reported joining a group on Telegram to learn about cryptocurrency trading from someone named Mason, who claimed to be affiliated with a reputable financial institution. Following Mason’s directions, the victim opened an account with a platform dubbed tpkcoin, also known as directcurrent. They participated in a trading program named “big data trading,” where they received trading signals for five days. However, when the trading period concluded, the platform informed the victim that they owed $29,000 in commissions. When the victim sought to withdraw funds to cover these fees, they were told they needed to pay $48,000 in taxes first. After expressing their inability to pay, an assistant from the platform suggested downloading a cold wallet to facilitate smaller withdrawals to bypass the tax requirement. The victim decided to seek further advice before proceeding, only to find themselves blocked from accessing the trading platform thereafter. In total, the victim lost $4,200, and the website is no longer operational.
Fraudulent Trading Platform
A California resident came across an online investment group led by a professor named Robert, who claimed that members were achieving returns of 20% to 30% on their investments. Robert developed a trading platform known as SILD, where the group could trade collectively. An assistant named Angelina guided the victim through the process of opening an account on the SILD platform and making trades. The victim began with some initial investments. Later, Robert announced a new exclusive trading group requiring investments ranging from $50,000 to $3 million. When the victim expressed interest, Angelina informed them that they didn’t meet the investment threshold for the new group. However, she later reached out suggesting that their investment had tripled in just two weeks and encouraged them to join the new group with a $100,000 investment. The victim was told to liquidate a $50,000 certificate of deposit to contribute, but the bank would not allow the transfer due to suspicions regarding the platform. The victim ended up sending the funds directly to Angelina and later transferred an additional $25,000 to her crypto wallet. Eventually, the platform became non-functional, and the victim lost over $85,000.
Fraudulent Trading Platform
A California resident reported being contacted through Instagram by someone claiming to be a successful cryptocurrency trader. After establishing a rapport, the scammer brought up investment opportunities involving a trading platform called bitaeqcke.net. The victim was shown how to purchase crypto assets and was led to believe their account was increasing in value. However, when the victim attempted to withdraw funds, they were faced with a requirement to pay over $30,000 in “tax profit” fees within a tight deadline. When the victim was unable to meet this demand, the scammer cut off all communication. The victim has since been unable to recover any funds, and the website is no longer operational.
Fraudulent Trading Platform
Another California victim encountered a fraudulent platform that masqueraded as a giveaway event featuring “Elon Musk” on a YouTube livestream, which promised participants a chance to win $100 million in crypto assets. Participants were instructed to send cryptocurrency to a specified wallet address in order to partake in the giveaway. Ultimately, the victim sent $5,000, believing they were participating in a legitimate event. The website has since become non-operational, and this scam utilized deceptive branding to impersonate Tesla.
Fraudulent Trading Platform
A California resident received a message from a supposed stock broker named “Sharon,” who convinced them to transfer Bitcoin to a trading platform for investment purposes. After sending the Bitcoin to an address, the victim found themselves unable to withdraw their funds as the website is no longer functional.
Fraudulent Trading Platform
In another case, a California resident was persuaded by an individual named “Ashley,” who claimed to be an experienced crypto investor and introduced them to Ceypro investments. Following her guidance, the victim invested and was told their balance was increasing. However, when the victim sought to withdraw their funds, Ashley claimed additional investments were necessary to facilitate the withdrawal. In total, the victim lost $100,000.
Fraudulent Trading Platform
Two residents from California reported their experiences with a platform called “SAXO Group.” The first victim connected with someone on Facebook Messenger, who later moved their conversations to WhatsApp. This individual shared insights about investing in gold and instructed the victim to download the SAXO Group app and create an account. The victim followed these instructions and believed they were generating profits. However, upon attempting to withdraw funds, they were informed of an outstanding tax obligation exceeding $65,000, which prevented access to their money. The victim ultimately lost $49,000.
Fraudulent Trading Platform
The second victim received a call from “Lee,” who pitched an investment opportunity in gold through SAXO Group. Following similar instructions, the victim deposited more funds over time, thinking they were earning profits. But when they tried to withdraw, SAXO Group claimed taxes of over $500,000 were owed, and after complying, the victim found that communication ceased.
Fraudulent Trading Platform
A California resident reported investing in a platform named CFX Lifestyle, which required a minimum investment of $5,000. The victim was assured they would earn profits, which could be withdrawn after a three-month period. However, just weeks before the expected payout, the company claimed to be facing issues with the IRS regarding unpaid taxes. To date, the victim has been unable to recover their initial investment of $5,000.
Fraudulent Trading Platform
A California resident reported being approached on Facebook by someone who claimed to represent YFI, promising daily returns on investment. After following the instructions to send funds to a designated wallet, the victim later discovered that their investment had been drained by the scammers.
Fraudulent Trading Platform
A victim invested in a platform called ByBukx, attempting to trade Ethereum (ETH) for Tether (USDT). However, when the victim sought to withdraw, the platform demanded an additional deposit of 50,000 USDT and a 3 USDT insurance payment. Despite complying, the victim found their account still locked, and has since been unable to recover any of their funds.
Fraudulent Trading Platform
A California resident reported being introduced to a trading platform by an acquaintance. After some success in trading Bitcoin, the victim was faced with exorbitant fees to withdraw their funds, and ultimately lost a significant amount of money.
Fraudulent Trading Platform
In yet another case, a California resident was approached by “Erika” on a social platform, who suggested moving their conversation to a trading platform. Initially, the victim believed they were profiting, but eventually found themselves needing to pay vast sums to access their funds.
Fraudulent Trading Platform
Reports have surfaced of a platform called MultiversX Exchange, where a California resident was lured by “Chen” via Instagram. Following Chen’s guidance, the victim invested in crypto assets and later found their account balance significantly inflated. However, withdrawal attempts were met with demands for fees, resulting in a loss of approximately $55,000.
Fraudulent Trading Platform
Another California resident reported joining a WhatsApp group for Bitcoin trading, where they were instructed by a supposed investment teacher. After transferring a large sum to the trading platform, the victim found themselves unable to access their funds, totaling over $150,000.
Fraudulent Trading Platform
A California resident reported being approached by someone claiming to be a famous influencer named “Tai.” After being convinced to invest in a presale offering of the “xAI88X” coin, the victim lost $3,816.60 as the website is no longer operational.
Fraudulent Trading Platform
A victim reported being introduced to a crypto asset trading platform through a WhatsApp group. After initially being successful, the victim was unable to withdraw funds due to various unexpected fees.
Fraudulent Trading Platform
Another California resident reported being scammed after being introduced to a fraudulent platform through social media. They lost their investments after being pressured for additional funds.
Fraudulent Trading Platform
Reports of scams involving impersonation of well-known individuals have also emerged, where victims were led to believe they were receiving investment advice from trusted figures, only to end up losing significant sums of money.
Fraudulent Trading Platform
The DFPI continues to warn consumers about the prevalence of cryptocurrency scams and the importance of exercising caution when dealing with unknown parties online. Victims are encouraged to report any suspicious activity to the appropriate authorities.
