The Washington State Department of Financial Institutions (DFI), Securities Division has received a complaint regarding the Xoha Group, a website claiming to be a cryptocurrency trading platform.
The investor learned of the Xoha Group from an online advertisement. Subsequently, the investor communicated with the Xoha Group as part of a group of other investors through Whatsapp. At some point, the investor realized his account was losing money, and decided to withdraw the remainder of the balance, approximately $4,700. The account was locked and the investor has been unable to withdraw the funds without paying an additional fee.
This appears to be what is commonly called and “Advance Fee Fraud”. Learn more about advance fee fraud. It also appears to be a common type of cryptocurrency investment scheme that uses social media groups, such as WhatsApp groups, to solicit and/or guide investors in cryptocurrency trading.
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