As a seasoned researcher with extensive experience in financial fraud and scams, I find this latest development in crypto scams particularly alarming. The use of fake academic institutions to lure victims into high-risk investment schemes is not only deceitful but also downright dangerous.
The financial regulatory body in Washington issues a warning about cryptocurrency frauds. In these scams, con artists present themselves as knowledgeable business “experts” and threaten lawsuits to deceive unsuspecting victims into bogus investment schemes.
The Washington State Department of Financial Institutions announced on July 16 that fraudsters are posing as entities such as “academies,” “business schools,” or “wealth institutes.” They entice victims with the allure of substantial profits derived from their educational programs.
As a researcher studying online scams, I’ve discovered that these deceitful schemes often begin with a captivating Facebook advertisement. Upon clicking the link provided, unsuspecting victims are greeted by a “Letter from the Professor” or “Letter from the Dean” on the website that follows. Following this, they are unknowingly added to a WhatsApp or Telegram group under the guise of “daily trading signals.” The individuals identified as “professors” within these groups then entice victims with promises of substantial financial returns.
A deceitful institution provides expensive financing options or credit facilities to help individuals fulfill financial obligations for an alleged new investment venture. Applicants are requested to disclose sensitive information like credit history or identification, and sign contracts, giving the proposition a veneer of authenticity.
In certain situations, if the investor refuses the proposal, the professor’s representative clandestinely obtains cryptocurrency funds on their behalf and transfers them into their account. To deceive the victim, they may provide a fabricated screenshot as proof, but an examination of blockchain explorer websites reveals no such transaction occurred.
At first, victims are given to understand that they can repay their loans using the profits they generate. Yet, the company subsequently freezes their accounts and pressures them into settling the debt from their own resources, even threatening them with lawsuits. It’s important to note that no reported victim has managed to withdraw their funds by repaying the loan.
In a comparable situation, the Designated Financial Institutions (DFI) received reports concerning the “Excellence and Innovation Fortune Business School,” which enticed victims into the ICHCOIN cryptocurrency scheme.
As a crypto investor, I can tell you that I recently fell victim to a scam where I was asked to disclose personal information and sign a loan agreement. I was even persuaded to invest a significant amount of $300,000 after receiving 500 Tether as a test run of the platform. However, in contrast to the promised deposit of 450,000 USDT that was supposed to appear on the blockchain, there was no sign of it.
The DFI urges the public to be cautious and report any suspicious activity related to such scams.
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2024-07-17 07:48