Key Takeaways:
- The Washington State Department of Financial Institutions (DFI) warns of a crypto scam involving fake business academies.
- Scammers lure victims via Facebook ads, adding them to WhatsApp or Telegram groups, promising high returns and loans.
- Victims face threats of legal action if they can’t repay fake loans, highlighting the need for caution in investment solicitations.
The Washington State Department of Financial Institutions (DFI) warns of a new crypto scam.
Fraudsters pose as business “professors” from fake academies or wealth institutes.
In a new #crypto #scam, fake "professors" posing as educators lure victims through #Facebook ads promising high returns, then coerce them into fraudulent loans, threatening legal action if funds aren't repaid.#Bitcoin #BTC #Crypto #LQR #LaqiraProtocol pic.twitter.com/WhiLNg43Cm
— TOBTC (@_TOBTC) July 17, 2024
The scam begins with a Facebook ad, leading victims to a website with a “Letter from the Professor” or “Letter from the Dean”.
Victims are then added to WhatsApp or Telegram groups promising high returns.
Scammers offer high-dollar loans or lines of credit for exclusive investments, requiring personal information and loan documents.
If victims decline, scammers claim to borrow funds on their behalf and provide fake transaction screenshots.
When victims cannot repay the loan out of pocket, they face threats of legal action.
A similar scam involved the “Excellence and Innovation Fortune Business School” and ICHCOIN, where victims lost large sums after being misled by false transaction claims.
The DFI urges caution when responding to investment solicitations.
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