Moldova's National Commission of Financial Market warns about fraudulent cryptocurrency schemes promoted on WhatsApp, Telegram

The National Commission of Financial Market (CNPF) warns the public about a new fraud scheme, widely spread through WhatsApp and Telegram messaging apps, as well as on social networks, targeting attraction of fictitious investments cryptocurrencies.

According to CNPF, scammers create fake "investment" groups where apparent intensive activity is generated by bots, and so-called "experts" promise quick gains through trades, including with cryptocurrencies. Participants are encouraged to recruit new members in exchange for "rewards," and funds are transferred to fake accounts. The profits displayed on the platform are fake and when victims attempt to withdraw funds, they are forced to pay invented fees.

The institution emphasizes that these structures have a pyramid scheme character, where the gains of those at the top of the hierarchy are fueled by the contributions of new members, without the existence of real economic activities. In the end, the majority of participants suffer financial losses.

CNPF notes that teenagers are among the most vulnerable, attracted by promises of quick gains and rewards, requiring closer supervision from parents and enhanced financial education.

To avoid fraud, CNPF recommends verifying the authorization of investment companies, avoiding the transmission of personal or financial data through messaging apps, and reporting suspicious cases. The list of authorized entities is available here.

CNPF has earlier issued warnings about pyramid schemes and fictitious investments in digital assets. The rising popularity of cryptocurrencies and online communication platforms has amplified the risk of spreading these illegal practices, and the methods used by scammers are becoming increasingly sophisticated. Authorities urge the public to treat any offer promising quick and guaranteed profits with utmost caution.