Date Posted: 
Thursday, May 12, 2022

DFI has received a complaint from a Washington resident regarding globalcryptobix.com, a website claiming, among other things, to be a cryptocurrency trading platform. The website lists various trading levels, ranging from a $500 investment to earn $4,750 to a $5,000 investment to earn $65,000.

How the Scam Works

According to the Washington investor, they were approached on TikTok by a stranger who claimed they had a program for trading cryptocurrency that would generate as much as $4,000 per week. The sales representative communicated with the investor through WeChat.

The sales representative directed the investor to transfer Bitcoin to establish an online “trading account” at globalcryptobix.com.  The representative told the investor that they would have the ability to monitor their trades in real time and to control the withdrawals and deposits to their account.  Although there was a stated minimum of $500, the investor transferred approximately $450 worth of Bitcoin to open an account. 

Within days after investing, the account balance purportedly “sky rocketed” to $38,000, but the account setup was shown as only 99% complete.  The investor was allegedly told that they would need to invest another $8,000 in order to complete the account setup and have the ability to withdraw funds. 

The investor did not provide any additional funds.  According to the complaint, the investor’s initial investment has not been repaid. These allegations have not been verified by DFI.

How to Prevent Fraud

DFI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. Investment professionals generally 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.

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