“Txex” websites offer unrealistic returns on crypto investments, the New Zealand financial regulator has warned.
Victims are lured through fake WhatsApp trading groups and leaderboards before being unable to withdraw funds.
New Zealand's
Financial Markets Authority (FMA) has issued an alert about an elaborate
investment scam operating through WhatsApp that promises unrealistic returns
while employing sophisticated social engineering tactics to defraud investors.
Recent
survey data from FinanceMagnates.com and FXStreet found that
approximately 60% of traders targeted by scammers on platforms like WhatsApp
and Telegram end up losing money.
FMA Warns of WhatsApp
Investment Scam Targeting New Zealanders
The scam,
linked to an entity called “Txex” (also known as Whalefall), operates
through multiple websites and uses WhatsApp groups populated largely with fake,
artificial agents to create the illusion of popularity and legitimacy,
according to the FMA warning.
“We
have identified multiple websites that are part of this scam but believe there
may be more connected as they frequently change,” the FMA commented in the
official press release. “The scammer sets up a series of WhatsApp groups, these
appear popular, but are mostly filled with bots.”
The scheme
operates by establishing WhatsApp groups led by self-described mentors,
coaches, or crypto advisers who promise 100% returns through “trading
signals” shared throughout the day. Users are encouraged to recruit others
with rewards, while fraudulent leaderboards display supposed top performers
receiving luxury prizes.
Trail of Empty Wallets
Across New Zealand
Victims are
directed to open cryptocurrency exchange accounts, deposit funds, and then
transfer their cryptocurrency to what scammers describe as a “trading
account.” While initial small trades may appear successful to build
confidence, attempts to withdraw funds are met with demands for substantial
fees, which are never returned, even if paid.
The FMA has
identified over 30 websites connected to the operation, including variations of
txex.com with different domain extensions, and warned that new sites are
frequently created as others are reported.
Txex website
The FMA
advises anyone who believes they've encountered the scam to immediately cease
contact with the operators, report the group to WhatsApp, and block the
scammers on all devices. Victims are also encouraged to report spam messages to
New Zealand's Department of Internal Affairs and seek support from trusted
friends, relatives, or Victim Support services.
David Harvie, Saxo Australia's Head of Direct Sales
This
warning comes amid growing concerns about financial scams spreading across
messaging platforms. FinanceMagnates.comconducted
a survey last year in collaboration with FXStreet, which revealed
that WhatsApp, along with Telegram, is among the most common social media
platforms where investors are scammed and lose money.
“I would
encourage any trader not to rely solely on a social media post or a
conversation with a potential provider, but instead to insist on reviewing the
documentation that supports their claims,” David Harvie, Head of Direct Sales
at Saxo Australia, told FinanceMagnates.com. “You also have the opportunity to
check your jurisdiction’s regulatory website to confirm whether your broker is
properly licensed.”
Other
regulators have also recently warned about scams on WhatsApp, including
Consob, which identified the app as one of the most popular current
channels for investment fraud. In late 2024, Australia’s
ASIC issued a separate alert, highlighting the rise in WhatsApp groups
promoting alleged investment opportunities with potentially high returns.
New Zealand's
Financial Markets Authority (FMA) has issued an alert about an elaborate
investment scam operating through WhatsApp that promises unrealistic returns
while employing sophisticated social engineering tactics to defraud investors.
Recent
survey data from FinanceMagnates.com and FXStreet found that
approximately 60% of traders targeted by scammers on platforms like WhatsApp
and Telegram end up losing money.
FMA Warns of WhatsApp
Investment Scam Targeting New Zealanders
The scam,
linked to an entity called “Txex” (also known as Whalefall), operates
through multiple websites and uses WhatsApp groups populated largely with fake,
artificial agents to create the illusion of popularity and legitimacy,
according to the FMA warning.
“We
have identified multiple websites that are part of this scam but believe there
may be more connected as they frequently change,” the FMA commented in the
official press release. “The scammer sets up a series of WhatsApp groups, these
appear popular, but are mostly filled with bots.”
The scheme
operates by establishing WhatsApp groups led by self-described mentors,
coaches, or crypto advisers who promise 100% returns through “trading
signals” shared throughout the day. Users are encouraged to recruit others
with rewards, while fraudulent leaderboards display supposed top performers
receiving luxury prizes.
Trail of Empty Wallets
Across New Zealand
Victims are
directed to open cryptocurrency exchange accounts, deposit funds, and then
transfer their cryptocurrency to what scammers describe as a “trading
account.” While initial small trades may appear successful to build
confidence, attempts to withdraw funds are met with demands for substantial
fees, which are never returned, even if paid.
The FMA has
identified over 30 websites connected to the operation, including variations of
txex.com with different domain extensions, and warned that new sites are
frequently created as others are reported.
Txex website
The FMA
advises anyone who believes they've encountered the scam to immediately cease
contact with the operators, report the group to WhatsApp, and block the
scammers on all devices. Victims are also encouraged to report spam messages to
New Zealand's Department of Internal Affairs and seek support from trusted
friends, relatives, or Victim Support services.
David Harvie, Saxo Australia's Head of Direct Sales
This
warning comes amid growing concerns about financial scams spreading across
messaging platforms. FinanceMagnates.comconducted
a survey last year in collaboration with FXStreet, which revealed
that WhatsApp, along with Telegram, is among the most common social media
platforms where investors are scammed and lose money.
“I would
encourage any trader not to rely solely on a social media post or a
conversation with a potential provider, but instead to insist on reviewing the
documentation that supports their claims,” David Harvie, Head of Direct Sales
at Saxo Australia, told FinanceMagnates.com. “You also have the opportunity to
check your jurisdiction’s regulatory website to confirm whether your broker is
properly licensed.”
Other
regulators have also recently warned about scams on WhatsApp, including
Consob, which identified the app as one of the most popular current
channels for investment fraud. In late 2024, Australia’s
ASIC issued a separate alert, highlighting the rise in WhatsApp groups
promoting alleged investment opportunities with potentially high returns.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
