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Cryptocurrency website appears to be engaged in fraud against California consumers

Oct 19, 2021

The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding the website

The victim told DFPI he met an individual on Facebook dating who then asked to chat on WhatsApp. The scammer then began discussing the trading of cryptocurrency for big profits and lured the victim into signing up on The California victim gave more than $1,100 before realizing it was a scam. The victim said he learned that online scammers call this the Sha Zhu Pan, or “Pig Butchering” scam and it is very common. These allegations have not been verified by the DFPI.

This appears to be what is commonly called an “Advance Fee scheme,” which can take many forms, as discussed here:

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California, consumers may contact the Department for questions or inquiries at or call toll-free at (866) 275-2677. If a consumer believes a person or company has violated state law or acted improperly regarding a consumer financial product or service, they may file a formal complaint with the DFPI at

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Last updated: Oct 22, 2021 @ 12:54 pm