ChainCatcher news, the Washington State Department of Financial Institutions (DFI) has issued a consumer alert reporting multiple cases of cryptocurrency scams involving fake "professors" on WhatsApp and Telegram. This scam involves "companies claiming to be higher education institutions, such as 'business schools', 'colleges', or 'wealth academies', offering courses primarily centered around investing in cryptocurrency.The alleged fraudulent activity typically begins with investors being placed into WhatsApp or Telegram groups, often using arbitrary names that include popular terms like "wealth club", "elite", and "artificial intelligence". These groups are operated by individuals claiming to be colleagues of the company, with titles including professor, consultant, and assistant.Additionally, these companies offer high-value loans or credit lines to help investors join exclusive "VIP clubs" or meet capital requirements for new products. These loans are often arranged informally via WhatsApp, with the company providing misleading account screenshots. When investors attempt to repay these loans, they are told that their accounts will be frozen until external funds are provided, and if they do not comply, they receive threatening messages and legal claims.