Washington Department of Financial Institutions Issues Warning About Cryptocurrency Investment Fraud

IconCryptoNewsTerminal Staff26 Jul, 2024

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Washington Department of Financial Institutions Issues Warning About Cryptocurrency Investment Fraud

The Washington Department of Financial Institutions (DFI) has issued a warning to investors about cryptocurrency investment fraud, particularly regarding a scam fund called 'The Miami Foundation Stock Fund 005'. The DFI Securities Division urges investors to exercise caution and avoid sending cryptocurrency to this fund, as they may not receive any of their funds back. The division notes that this scam fits the pattern of cryptocurrency investment scams promoted on social media, where fraudsters use promises of high returns to lure unsuspecting investors into sending them cryptocurrency. Investors are urged to be wary of such scams and to only invest in cryptocurrency through reputable platforms and with trusted entities. The DFI warns that these scams often involve fraudsters creating fake websites and social media accounts that appear legitimate. They may also use high-pressure sales tactics to convince investors to send them cryptocurrency. Investors are advised to do their research and only invest in cryptocurrency after carefully considering the risks involved.

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