Warning: Beware of "Pig Butchering" Crypto Scams
This scenario perfectly describes a 'pig butchering' cryptocurrency scam. The hallmarks are clear: promises of extremely high and rapid gains (e.g., 500%) on an obscure coin ($AXN coin) via an unknown platform (vexquis.com), discovered through social media ads ($Facebook ad) and managed in private messaging groups ($WhatsApp group). Initial small withdrawals might be allowed to build trust, but eventually, larger sums will be demanded for 'taxes' or 'fees' that will never materialize, and the principal investment is irrecoverable. Sharing sensitive personal information like ID photos also exposes individuals to identity theft.
Investment Advice/Warning:
- Verify Platforms: Always use established, reputable, and regulated cryptocurrency exchanges (e.g., Coinbase, Binance, Kraken). Any unknown website claiming to be a trading platform is almost certainly a scam.
- Skepticism of High Returns: Be extremely cautious of any investment promising guaranteed high returns, especially in volatile markets like crypto. Legitimate investments inherently carry risk.
- Source of Information: Avoid investment advice or opportunities promoted through unsolicited social media ads, direct messages, or private group chats.
- Withdrawal Issues: A critical red flag is any platform making it difficult to withdraw funds or demanding additional payments (e.g., for 'taxes,' 'processing fees') to release your 'profits.' These are tactics to extract more money from victims.
- Personal Information Security: Never share sensitive personal documents (like ID photos) with unverified platforms or individuals.
- Immediate Action: If your father is still involved, urge him to immediately cease all further deposits and attempt to withdraw any funds he can, although the chances of recovery are slim. Report the platform and individuals to relevant financial and law enforcement authorities.