Date Posted: 
Thursday, February 15, 2024

The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint from a Washington resident regarding Mambam-psn, a purported cryptocurrency website.  This website is currently unavailable and appears to have been taken down.

The investor purchased cryptocurrency on Cash App and  He specifically purchased Bitcoin, Tether and Ether.  The investor transferred his funds to the Mambam-psn trading platform.  The Mambam-psn platform purportedly required the investor to conduct a minimum number of transactions and paid commissions based on those transactions at the end of a 45-day period.  The investor stated that somehow his account went into a negative balance status, and the investor was required to pay additional funds within 24 hours to avoid the account being frozen.  These allegations have not been verified by DFI.

This appears to be what is commonly called “Advance Fee Fraud." Learn more about advance fee fraud.

DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals need to be licensed with DFI to offer investments to Washington residents. In addition, most investment products sold need to be registered with DFI. To check the licensing status and to find out if there are any complaints against an investment professional or investment product, please visit FINRA Brokercheck or contact the Washington State Department of Financial Institutions, Securities Division at (360) 902-8760. If you live outside of Washington State, contact your state securities regulator.

If a consumer believes a person or company has violated state law or acted improperly regarding an investment product or service, they may file a complaint with the Securities Division.

Additional Resources

Virtual Currency, Cryptocurrency, and Digital Assets Information for Consumers

Information regarding investing strategies, investment products, and how to protect yourself from fraud

What You Can Do to Avoid Investment Fraud