BaFin, Germany’s federal financial supervisory authority, has warned consumers about a coordinated investment fraud scheme operating through WhatsApp groups that falsely claims affiliation with a US non-profit organization. The scam promotes a fictitious cryptocurrency token called OHAI and directs victims to an unlicensed trading platform named Vexorylax, which operates without required authorization to offer cryptoasset services in Germany.
- Fraudulent Token: OHAI cryptocurrency
- Unauthorized Platform: Vexorylax (vexorylax.net)
- Fraudulent Website: operation-hopes.de
- Identity Theft Target: Legitimate US non-profit organization unaffiliated with scammers
- Initial Lure: Cryptocurrency lottery prizes
The scheme involves individuals operating under assumed identities, including a person claiming to be “Professor Martin Eichenfels,” who recruit investors through private messaging groups. Victims are initially offered cryptocurrency lottery prizes via a website before being directed to register on the Vexorylax platform. Once registered, group participants receive coordinated recommendations to purchase the worthless OHAI token, which is traded exclusively on the fraudulent exchange.
BaFin emphasized that any individual or entity providing financial, investment, or cryptoasset services in Germany must obtain proper authorization from the regulator. The authority maintains a public database where consumers can verify whether companies hold valid licenses. The warning notes that BaFin is unaware of any licensed institutions that contact German investors through WhatsApp or similar messaging platforms, marking such contact methods as a red flag for fraudulent activity.
This warning represents part of BaFin‘s ongoing efforts to combat cryptocurrency and investment fraud schemes. The regulator issued this alert under section 10(7) of the German Cryptomarkets Supervision Act, reinforcing its commitment to protecting consumers from unauthorized financial services and identity theft schemes targeting both individual investors and legitimate organizations.
