A new scam is targeting cryptocurrency investors, with the bad actors masquerading as business “professors.”

According to a warning issued by the Washington State Department of Financial Institutions (DFI), the scheme starts with advertisements on social media platforms like Facebook, offering a lucrative investment opportunity.

When users click the link in the ad, they are redirected to a “Letter from the Professor” or “Letter from the Dean” on a website designed by scammers. To establish credibility, the scammers then claim to be associated with an “Academy,” “Business School,” or “Wealth Institute.”

Those interested are invited to a WhatsApp or Telegram group managed by individuals with titles such as professor, advisor, or assistant.  The groups also include other members …