Washington State Warns of Cryptocurrency Scam, EthFinance

IconCryptoNewsTerminal Staff14 Jun, 2024

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Washington State Warns of Cryptocurrency Scam, EthFinance

The Washington State Department of Financial Institutions (DFI) recently issued a warning to investors regarding a cryptocurrency trading platform named EthFinance. This warning comes after allegations of fraud amounting to $310,000 surfaced, as reported by CoinTelegraph. The DFI's investigation revealed that EthFinance targeted investors through LinkedIn, employing advance fee fraud tactics. Advanced fee fraud typically involves scammers requesting upfront payments for services or investments that never materialize. Investors are urged to exercise caution when encountering unsolicited investment opportunities, especially those promising high returns with minimal risk. Thorough research and due diligence are crucial to avoid falling victim to fraudulent schemes.

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