We’re sharing an alarming case about the fraudulent website Wealthfronts.com. The scammers used WhatsApp to lure victims into a fake trading group. They claimed users could profit from “bull stock” trading through their platform. They demanded funds be transferred through Citibank and Fidelity, eventually directing them into cryptocurrency wallets and a DeFi account tied to Wealthfronts.com. When victims tried to withdraw their supposed profits, the scammers demanded hefty fees, including a 5% commission fee of $40,000 and an $18,000 international transfer fee. The crypto wallets used for these transfers are part of the scam’s money trail and a key investigator focus.
The scam started with promises of easy profits and turned into endless requests for money. It even asked for ID documents and facial photos, raising serious concerns about identity theft. In this case, the victim lost $78,000. Investigators calculated a potential loss of $133,939 if the victim had paid all the demanded fees.
CNC Intelligence helped by tracing the funds and preparing a detailed forensic report. This report was sent to law enforcement to help with their investigation. The victim worked with the police. A detective is following up with exchanges like Binance to track where the money went.
This scam highlights the importance of verifying trading platforms before you invest. Scammers are becoming more sophisticated, using realistic-looking websites and demanding fees that sound plausible. If a platform asks for more and more money without any real payout, you’re likely dealing with fraud. We urge you to stay cautious and report suspicious activity immediately.
We firmly believe Wealthfronts.com is a scam based on the tactics used and the financial losses suffered. It is critical to expose these schemes so others don’t fall victim. If you’ve encountered similar scams, seek professional help tracing and recovering your funds. Together, we can fight back against these cybercriminals.