Beware of New Scam Tactics Lurking on WhatsApp!!

A cryptocurrency scam is sweeping across WhatsApp, exploiting the app‘s popularity in Southeast Asia to target investors with promises of extraordinary returns. Regulatory bodies are sounding the alarm as the scam gains traction, posing a significant threat to one of the region’s most widely used communication platforms.

The Financial Markets Authority (FMA) of New Zealand recently issued an urgent warning about an elaborate scheme linked to an entity known as “Txex” or “Whalefall.” The operation is built around WhatsApp groups that present themselves as exclusive trading communities led by supposed crypto experts. Behind the façade, however, is a well-organised network of bots, fraudulent websites, and fabricated testimonials, all designed to lure victims into parting with their funds.

These groups typically feature self-proclaimed mentors or trading coaches who distribute so-called “trading signals” multiple times a day. Participants are shown fake leaderboards featuring top performers and alleged luxury prize winners, while peer-to-peer encouragement, often from fake profiles, creates a sense of community and legitimacy. Recruits are incentivised to bring others into the fold, further spreading the scams reach.

Victims are instructed to set up cryptocurrency exchange accounts, transfer funds, and then move assets into what is described as a “trading account” operated by the scam. Initial transactions may appear profitable that is deliberately designed to build trust. However, when investors attempt to withdraw their funds, they encounter fabricated processing fees. These fees, once paid, are never returned, and the account becomes inaccessible.

The FMA has identified over 30 websites connected to the scam, including numerous versions of the txex.com domain. The regulator warns that the scam is highly adaptive, frequently rebranding and launching new domains to evade detection.

While the scam has drawn attention in New Zealand, its broader implications are global—particularly in Southeast Asia, where WhatsApp is among the most ubiquitous communication tools. With the regions growing appetite for digital assets and its heavy reliance on mobile messaging apps, regulators and cybersecurity experts fear that users across countries like Indonesia, Malaysia, the Philippines, Thailand, and Vietnam are especially vulnerable.

Data from a recent public survey underscores the risk: approximately 60% of individuals targeted by scammers via WhatsApp and Telegram reported financial losses. Similar warnings have also been issued by regulatory authorities in Italy and Australia, highlighting the platform's role as a favoured channel for fraudulent schemes.

Experts are urging heightened caution. Investors are advised to verify the legitimacy of financial services providers through official regulatory websites and avoid making decisions based solely on online conversations or unverified claims. According to industry professionals, one of the most effective defences against such scams is to remain sceptical of high-return promises and to request formal documentation supporting any financial offer.

The FMA encourages anyone who suspects theyve encountered such a scheme to stop communication immediately, report the group on WhatsApp, and block the scammers across all devices. Victims should also report the activity to national cybercrime agencies or financial regulators and seek support from trusted individuals or victim assistance services.

As fraudsters become more sophisticated in mimicking legitimate financial advice within familiar digital spaces, the threat to Southeast Asian investors continues to grow. If you are based in Southeast Asia, here is a free tip you should not overlook. Read this article to learn how to protect yourself from falling victim to such scams: https://www.wikifx.com/en/newsdetail/202504178444600833.html