By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Why Poland is Critical – For Ukraine and Europe’s Defense 
    Why Poland is Critical – For Ukraine and Europe’s Defense 
    May 21, 2025
    Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
    Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
    May 21, 2025
    Trump issues ‘Golden Dome’ promise — RT World News
    Trump issues ‘Golden Dome’ promise — RT World News
    May 21, 2025
    Japan’s exports to the U.S. shrink for the first time this year
    Japan’s exports to the U.S. shrink for the first time this year
    May 21, 2025
    Trump’s tariffs creating ‘tensions’ among G7 ahead of summit: Champagne
    Trump’s tariffs creating ‘tensions’ among G7 ahead of summit: Champagne
    May 21, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
    Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
    May 21, 2025
    SEC Charges Unicoin, Top Executives With 0M ‘Massive Securities Fraud’
    SEC Charges Unicoin, Top Executives With $100M ‘Massive Securities Fraud’
    May 21, 2025
    Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
    Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
    May 21, 2025
    The crypto market values chains more than standalone applications
    The crypto market values chains more than standalone applications
    May 21, 2025
    Justin Sun to attend Trump’s dinner with memecoin backers
    Justin Sun to attend Trump’s dinner with memecoin backers
    May 21, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Washington Watchdog Issues Fraud Alert
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > Washington Watchdog Issues Fraud Alert
Washington Watchdog Issues Fraud Alert
Cryptocurrency

Washington Watchdog Issues Fraud Alert

Published June 14, 2024
Share
3 Min Read
SHARE

Contents
Ethfinance: Friend Request Gone WrongRegulator Issues Warning, More Platforms FlaggedSocial Media And Crypto: A Breeding Ground For Scams?

Washington state regulators are investigating Ethfinance, a crypto trading platform, after a local investor reported losing a staggering $310,000. The case raises red flags about potential crypto scams preying on unsuspecting victims through social media.

Ethfinance: Friend Request Gone Wrong

The unnamed investor, according to the Washington State Department of Financial Institutions (DFI), was introduced to Ethfinance through a “random friend request on LinkedIn.” This seemingly innocuous online interaction turned into a financial nightmare. Lured by the promise of high returns on cryptocurrency trading, the investor transferred a total of $310,000 from their DeFi wallet to Ethfinance.

However, when the investor attempted to withdraw some of their initial investment and supposed profits, things took a suspicious turn. Ethfinance’s customer service, communicating solely through Telegram messenger, demanded the investor send additional funds to complete a “smart contract” before allowing any withdrawals.

This tactic, commonly seen in advance fee scams, raises serious concerns about the platform’s legitimacy. The investor, rightfully wary, refused to send more money and has since been locked out of their account, unable to access their invested funds.

Total crypto market cap at $2.38 trillion on the daily chart: TradingView.com

Regulator Issues Warning, More Platforms Flagged

The DFI, while emphasizing they haven’t verified all the details of the complaint, issued a public warning classifying the case as a potential “Advance Fee Fraud” scheme. These schemes often lure victims by promising high returns on investments and then require the payment of fees or taxes before any supposed earnings can be withdrawn, said a DFI spokesperson, mirroring tactics used by the US Securities and Exchange Commission (SEC) to identify similar scams.

The DFI’s alert serves as a stark reminder for Washington residents, urging them to be extremely cautious before responding to any unsolicited investment offers, especially those originating from social media or messaging apps.

Social Media And Crypto: A Breeding Ground For Scams?

The department further emphasized that any investment professional offering services to Washington residents must be licensed with the DFI. This incident isn’t an isolated case. The DFI also flagged two other crypto trading platforms, WTOCoin and Foundation-coin, for exhibiting similar red flags, including difficulties with withdrawing funds for investors.

The rise of social media platforms like LinkedIn has created new avenues for scammers to target potential victims. Cryptocurrency, with its inherent complexities and lack of mainstream regulation, can further obscure fraudulent activity. Investors, especially those new to the crypto space, are particularly vulnerable to these online tactics.

Featured image from Outseer, chart from TradingView

#Washington #Watchdog #Issues #Fraud #Alert

TAGGED:alertfraudissuesWashingtonwatchdog
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Advocates welcome passage of bill to tackle environmental racism in Canada | Environment News Advocates welcome passage of bill to tackle environmental racism in Canada | Environment News
Next Article Get 60% Off a Peter Thomas Roth Serum That Reduces Lines in 2 Days Get 60% Off a Peter Thomas Roth Serum That Reduces Lines in 2 Days
- Advertisement -

Latest Post

Why Poland is Critical – For Ukraine and Europe’s Defense 
Why Poland is Critical – For Ukraine and Europe’s Defense 
World News
Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
Cryptocurrency
Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
World News
Trump issues ‘Golden Dome’ promise — RT World News
Trump issues ‘Golden Dome’ promise — RT World News
World News
SEC Charges Unicoin, Top Executives With 0M ‘Massive Securities Fraud’
SEC Charges Unicoin, Top Executives With $100M ‘Massive Securities Fraud’
Cryptocurrency
Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
Cryptocurrency
- Advertisement -

You Might Also Like

MOVE token plunges to all-time low after Coinbase delisting and market-making controversy
Cryptocurrency

MOVE token plunges to all-time low after Coinbase delisting and market-making controversy

May 4, 2025
This is How to Double Your Investment Portfolio by the Year’s End – These 5 Coins You Need
Cryptocurrency

This is How to Double Your Investment Portfolio by the Year’s End – These 5 Coins You Need

August 27, 2024
Why This Ex Bitcoin Miner Faces Sentence For  Million Bribery Scandal In China
Cryptocurrency

Why This Ex Bitcoin Miner Faces Sentence For $20 Million Bribery Scandal In China

August 23, 2023
Canada to Set up Storage for Seized Digital Assets
Cryptocurrency

Canada to Set up Storage for Seized Digital Assets

August 11, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?