Date Posted: 
Thursday, January 11, 2024

The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint from a Washington resident regarding, a purported cryptocurrency application.

The investor met a stranger on Facebook who introduced them to the application and who taught them how to trade cryptocurrency. The investor invested a total of $17,000. When the investor requested to withdraw their funds, their request was rejected, and their account was frozen. The investor was told they would need to deposit an additional $12,390 to unfreeze their account. The wallet used by is 0x1a2fd14c41808db7756a58efee96bf7035b2d1bd. These allegations have not been verified by DFI.

This appears to be what is commonly called “Advance Fee Fraud”, which can take many forms. 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.

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