WhatsApp Groups Cunning Scam - Misleading Cryptocurrency Trading Deception
In the digital age, social media platforms have become a breeding ground for financial scams, with trading seminars and WhatsApp groups being a primary focus for criminals. These scams, often involving fake financial experts, promise fast profits, exclusive insider trading signals, or guaranteed returns to lure unsuspecting victims.
The California Department of Financial Protection and Innovation (DFPI) has been tracking numerous crypto-related scams where victims are invited via Instagram ads or WhatsApp groups to join trading platforms or investment groups. Examples include platforms like XS Coins, Abnas Global, and others, where scammers pose as experts guiding victims through fake trading operations[1].
Forex trading scams are also prevalent on social media, with about 32% of scams occurring through platforms like Facebook, TikTok, Instagram, Twitter, and Telegram. Scammers often use hype-filled promotions and fake trading seminars to entice newcomers, exploiting the less regulated global forex market to defraud victims[2].
The phenomenon known as "pig butchering" scams—a psychologically manipulative crypto scam involving sustained contact to gain trust and gradually extract money—is still a major risk in 2025. Organized crime groups continue adapting these scams via social media and messaging apps, maintaining their reach despite enforcement efforts. Such scams often involve fake financial "experts" and fraudulent trading platforms[3].
Official trackers and fraud databases are key resources to identify and avoid known scams. These databases list reported scam companies, warning against engagement with fraudulent entities known for crypto, forex, and investment scams. The public is advised to report any encounters or losses to these platforms[4].
Regarding specific platforms like SnutX and TWAAO, the search results do not include direct references or reports concerning these names. However, given the widespread nature of these types of scams, if these platforms operate under similar models—promoting fake trading seminars, using WhatsApp groups, or masquerading as financial experts—they could potentially be part of or resemble the broader scam ecosystem documented by regulators and watchdogs.
It's crucial to remember that chatbots and AI are often used in these scams, and participants are added to WhatsApp groups with up to 80 people after the seminars. After initial small successes, participants are encouraged to make larger investments, such as in crypto, stocks, or commodities. It has been discovered that these platforms and promised payouts are all fake[5].
If you are investigating or concerned about these platforms, checking official scam trackers and reporting suspicious activity to regulatory bodies is recommended for protection and awareness. Stay vigilant and beware of these persistent financial scams on social media.
The California Department of Financial Protection and Innovation (DFPI) has extended its monitoring of financial scams to include cybersecurity measures, especially in relation to crypto-related scams on platforms like Instagram and WhatsApp, such as XS Coins and Abnas Global. With the emergence of technology, investors should beware of investing in forex trading and crypto markets through social media platforms and messaging apps, as they may involve deceptive practices and cybersecurity risks.
