AEL Exchange Wealth – WhatsApp Group Chat (Investment Group Scam)

Two California residents report on their experience with a fraudulent crypto asset exchange operating at AELs-Exchange.com. The first victim reports seeing an ad on Instagram inviting people to join a WhatsApp group claiming to help group members make money through trading, based on signals of someone claiming to work for a well known investment company. Following the group members’ instructions, the victim downloaded the AEL platform, sent crypto assets to the account, and subsequently executed trades based on their trading signals. After lots of ups and down, the group was told all the money had been lost trading. All told the victim lost $23,000.

Another victim was led to the AELs-Exchange.com platform after learning about it through the same WhatsApp chat group described above. Following the group’s instructions, the victim opened an account on the AELs-Exhcnage.com and transferred funds for trading. But when they tried to withdraw their funds, the site blocked their account and demanded $33,000 before it would allow the withdrawal. The victim has been unable to recover their funds. The websites AELs-Exchange.com, https://wealthfrontstock.com, http://www.aelexchange.com are no longer operational.

The second victim also reports opening a trading account on the crypto asset exchange wealthfrontstock.com, but the site demanded a commission before allowing a withdrawal of funds. The website is currently operational.