Wealth BAX Finance
A California resident recently shared a troubling experience involving a text message from an individual named “Sandy.” After some exchanges, Sandy suggested moving their discussions to WhatsApp, leading to a deeper relationship. Sandy later introduced the victim to Wealth Bax, a crypto asset trading platform, instructing them to create an account by inputting personal details and uploading a driver’s license photo. The victim deposited crypto assets and began trading. Sandy convinced the victim to give her money for family needs, promising to add equivalent funds to the victim’s account. The investment reportedly grew to $281,992, but upon attempting to withdraw funds, the site demanded over $40,000 for IRS taxes. Sandy advised the victim to pay, claiming she had done the same to access her money. Ultimately, the victim could not withdraw any funds, and the website has since ceased operations.
Fraudulent Trading Platform: Pig Butchering Scam
A separate case from California involved a resident who joined a Telegram group to learn about crypto trading from Mason, who claimed to be affiliated with a reputable financial firm. Following the group’s directives, the victim opened an account on a platform called tpkcoin and participated in a trading program. After five days of trading signals, the platform demanded $29,000 in commissions before the victim could make any withdrawals. When the victim expressed financial constraints, support staff suggested downloading a cold wallet for smaller withdrawals to circumvent tax payments. After seeking advice, the victim was blocked from the account, with the site rendering over $4,200 in investments unrecoverable.
Fraudulent Trading Platform: Signal Selling Scam
In another account, a California resident discovered a crypto investment group online led by a professor named Robert, who claimed participants earned substantial returns. The group utilized a trading platform called SILD where members traded collectively. The professor’s assistant, Angelina, guided the victim in opening an account and making trades. However, when Robert introduced a more exclusive trading group requiring substantial investments, the victim was told they lacked sufficient funds to join. After expressing a willingness to invest $50,000, Angelina manipulated the victim into sending $100,000, assuring them she would cover any shortfall. Following bank difficulties, the victim sent funds directly to Angelina’s crypto wallet, ultimately losing over $85,000 when the platform became nonfunctional.
Fraudulent Trading Platform: Investment Group Scam
In yet another case, a resident was conned by a romantic interest on Instagram who introduced them to a crypto trading platform called bitaeqcke.net. After some time, the victim was guided to create an account and deposit funds. The scammer helped the victim with purchases and made it appear that the account was growing. However, when the victim sought to withdraw funds, they were confronted with a demand for over $30,000 in taxes. After failing to pay, the victim lost all access to their funds.
Fraudulent Trading Platform: Imposter Scam
Another victim was targeted by a fraudulent site mimicking Brave Software, claiming to offer lucrative investment opportunities in Ethereum. The scam operated by directing victims to deposit funds into wallet addresses controlled by the scammers. Despite attempts to recover losses through customer service, victims reported significant financial setbacks. The site has since become defunct.
Fraudulent Trading Platform: Pig Butchering Scam
In yet another scheme, a victim was introduced to a dubious trading platform by an online acquaintance. Initially, the victim saw their account grow, but when they attempted to withdraw funds, a series of fees emerged, including a demand for a $2,500 payment to release their funds. The website is now inactive.
Fraudulent Trading Platform: Advance Fee Scam
Reports also emerged about a platform named CoinCap, where victims believed they were trading profitably, only to be told they needed to pay taxes upfront to access their funds. After multiple attempts to secure withdrawals failed, victims realized they had been scammed.
Fraudulent Trading Platform: Pig Butchering Scam
The Department of Financial Protection and Innovation (DFPI) warns consumers about these ongoing scams, emphasizing the importance of caution when engaging with unknown individuals online, especially regarding cryptocurrency investments.
