Scam or NotScam No. 0032026-10-25
Is this text a scam?
SCAM
EExample Crypto Fund Chat
Text Message · Today 9:41
Blessings family 🙏 Our fund is a registered broker and pays 2 to 4% profit every week. Withdraw your money any time. Earn a bonus for every friend you bring in. Join here: join-tradefund.example
Recreated from the New York Attorney General press release, which describes WhatsApp group chat ads promising two to four percent weekly profits, recruitment bonuses, withdrawals at any time, and false claims of being a registered broker.
3 red flags
- RED FLAG 1Big weekly profitsGroup chats like this pushed fraudulent promises of high returns on investments.
Source: “through social media and WhatsApp group chats with fraudulent promises of high returns on investments” link - RED FLAG 2Paid to recruitThis scheme recruited investors with promises of high returns and generous recruitment bonuses.
Source: “recruited investors with promises of high returns and generous recruitment bonuses” link - RED FLAG 3Withdraw anytime claimWhen the scheme collapsed, tens of thousands could not withdraw their money.
Source: “When NovaTech collapsed in May 2023, tens of thousands of investors were unable to withdraw their cryptocurrency.” link
Safe move
Doubt the license claim
This fund claimed to be a registered, licensed broker in the U.S., and that was false.
Source: “falsely marketed NovaTech as a registered hedge fund broker, misrepresented that NovaTech was licensed to trade cryptocurrency in the U.S.” link
This fund claimed to be a registered, licensed broker in the U.S., and that was false.
Source: “falsely marketed NovaTech as a registered hedge fund broker, misrepresented that NovaTech was licensed to trade cryptocurrency in the U.S.” link
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