DFI: The cryptocurrency trading platform Ethfinance may be a scam, as investors are unable to withdraw their funds after depositing

2024-06-14 13:01:40

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ChainCatcher news, the Washington State Department of Financial Institutions (DFI) Securities Division issued a consumer warning stating that an investor learned about a cryptocurrency trading platform called Ethfinance through a connection actively sent via LinkedIn, and transferred a total of $310,000 from their DeFi wallet to the platform. When the investor attempted to withdraw part of the initial principal and profits, they were told that more funds needed to be added to complete the "smart contract" before they could withdraw their funds.

DFI stated that the investor did not send any additional funds. The investor was unable to withdraw any funds from their account, and their account has been locked. The case appears to be a "prepaid fraud case," but it has been indicated that these allegations have not yet been confirmed. The platform has also been mentioned in previous complaints, with a California resident reporting that they encountered a stranger online who offered to teach them how to make money by trading cryptocurrency options, resulting in a loss of over $165,000.

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