NZ FMA Alerts to WhatsApp-Based Educational and Investment Scam Txex

The Financial Markets Authority of New Zealand (NZ FMA) has issued a warning about an investment scam operating via the WhatsApp messaging platform, linked to an entity named Txex, also known as Whalefall.

The FMA has identified multiple websites associated with the scam and warns that more may be found, as scammers frequently change their domains.

To protect themselves, New Zealanders are advised to verify whether an entity is officially registered to provide financial products and services in the country before investing.

In such scams, scammers create WhatsApp groups that are largely populated by bots. These groups are led by individuals posing as mentors, coaches, professors, assistants, or crypto advisers, promising guaranteed 100% returns through so-called "trading signals" provided throughout the day.

Participants are encouraged to recruit new members in exchange for rewards. Some groups even showcase leaderboards and advertise exclusive prizes, such as cars for those who reach the top. These claims are believed to be false, as no advertised prizes would be received.

Users are instructed to open an account at a cryptocurrency exchange and deposit funds. They are then told to transfer cryptocurrency to a "trading account", supposedly linked to a recommended investment platform.

The fraudulent platform goes to great lengths to appear legitimate, often obtaining overseas licenses to boost credibility. Initially, users can execute small trades, which builds trust and encourages larger investments. When users attempt to withdraw funds, they are informed that they must pay high fees to unlock their money, but even after paying, no funds are returned.

The FMA has flagged a series of fraudulent domains connected toTxex, including: txex21.com, txex26.com, txex22.com, txex25.com, txex16.com, txex35.com, txex13.com, txex23.com, txex11.com, txex12.com, txex36.com, txex31.com, txex15.com, txex33.com, txex32.com, txexap.com, txex-usa.com, txex2.com, txex7.com, txex5.com, txex6.com, txex8.com, txex3.com, txex1.com, txex9.com, txex.lol, txex.nl, txex.ws, txex.one, txex.live, txexs.com, txex.fun, txhout.com, txexad.com. The involved email is support@txex.com.