FameEx: Possible Pig Butchering Scam – Summary

This article from the Washington State Department of Financial Institutions (DFI) details a potential Pig Butchering scam involving a platform called FameEx (website no longer available).

Here’s a breakdown of the situation:

• Scammer’s Approach: A scammer, posing as “Jackson Qie,” contacted a Washington investor via text message, pretending to need help purchasing a home. He then lured the investor into Bitcoin trading using the FameEx platform via WhatsApp.
• The Scam: The scammer convinced the investor to transfer over $113,000 in cryptocurrency (ETH & USDT) into a wallet they controlled, under the guise of it being a FameEx trading account.
• False Promises: The investor’s account appeared to grow, but when attempting to withdraw funds, FameEx demanded increasingly large fees (25%, then 20%), totaling over $84,000.
• Delays and Excuses: The scammer used tactics like “network congestion” and a long withdrawal queue to keep the investor from withdrawing.
• Financial Ruin: The investor, who had sold assets and borrowed money, lost approximately $200,000, including the fees.
• Fake Identity: The scammer used stolen photos from various online sources to create a false persona.

Key Takeaways:

• Pig Butchering Scam: The FameEx case exemplifies a classic Pig Butchering scam, where scammers build trust and then exploit victims for financial gain through fraudulent investment opportunities.
• Advance Fee Fraud: The scenario also bears characteristics of Advance Fee Fraud, where upfront payments are requested for promised services that never materialize.
• Red Flags: Unsolicited messages, pressure to invest quickly, promises of high returns, and demands for fees are all red flags of potential scams.
• Important Reminders: Investors should only work with licensed professionals and thoroughly research any investment opportunity before committing funds.

The DFI urges consumers to remain vigilant and be cautious of any unsolicited offers related to investment or financial services.

Assistance for Victims of Fraud:

Should you have been the victim of a fraudulent scheme perpetrated by FameEx or any other similar entity, please be advised that assistance is available.

We strongly encourage individuals who have suffered financial losses to:

• Immediately contact their bank or relevant financial authorities.
• Seek professional assistance in recovering lost funds. We are prepared to provide guidance and support in navigating the process of reclaiming assets.

Disclaimer:

This review is for informational purposes only and should not be construed as financial or legal advice.