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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/investor-loses-310000-in-crypto-scam" data-wpel-link="internal">Investor Loses $310,000 in Crypto Scam</a><br></p>
<p style="text-align: justify">An investor has reported a significant financial loss amounting to $310,000 due to an alleged fraudulent crypto trading platform named Ethfinance. This warning was issued by the Washington State Department of Financial Institutions (DFI) on June 13, after the investor was lured through an unsolicited LinkedIn connection.</p> 
<h2 id="how-did-the-scam-unfold">How Did the Scam Unfold?</h2> 
<p style="text-align: justify">The DFI revealed that the investor initially got acquainted with Ethfinance via a random LinkedIn request. Intrigued by the potential profits, the investor transferred $310,000 from their decentralized finance (DeFi) wallet to the platform, aiming to capitalize on crypto trading opportunities. However, withdrawal attempts led to demands for additional funds to finalize the smart contract, which only resulted in the investor’s account being locked without any successful withdrawals.</p> 
<h2 id="what-is-advance-fee-fraud">What is Advance Fee Fraud?</h2> 
<p style="text-align: justify">While the allegations remain unconfirmed, the DFI suspects this case to be a classic example of Advance Fee Fraud. This type of fraud entices victims with promises of substantial returns or services in exchange for initial upfront payments. Once the payment is made, scammers often demand more fees or vanish, leaving victims with significant losses.</p> 
<p style="text-align: justify">Washington DFI’s crypto fraud tracker revealed prior complaints involving Ethfinance, including a California resident who lost over $165,000 after being duped by a stranger offering to teach crypto options trading. The scam was uncovered when the victim was asked to send 25% of profits as tax to complete a withdrawal.</p> 
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2> 
<ul> 
 <li>Verify the credibility of crypto platforms before transferring funds.</li> 
 <li>Be cautious of unsolicited offers on social media networks like LinkedIn.</li> 
 <li>Understand the signs of Advance Fee Fraud to avoid falling victim.</li> 
 <li>Consult regulatory bodies for any warnings or alerts about suspicious platforms.</li> 
</ul> 
<p style="text-align: justify">In addition to this specific alert, the Washington DFI issued three further warnings on June 13 concerning other allegedly bogus crypto exchanges and a fraudulent <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investment</a> management platform. Investors are urged to exercise caution and conduct thorough due diligence when dealing with crypto-related opportunities to protect their financial interests.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/investor-loses-310000-in-crypto-scam" data-wpel-link="internal">Investor Loses $310,000 in Crypto Scam</a></h5>

Investor Loses $310,000 in Crypto Scam

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