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Washington Regulator Warns Miami Equity Fund 005 of Crypto Fraud

The Securities Division of the Washington State Department of Financial Institution Group (DFI) has issued a warning about a cryptocurrency investment scam after receiving a complaint from a resident about his investment in Miami Foundation Equity Fund 005. The investor deposited funds on the now inaccessible Vims.one platform through a Whatsapp group led by "Mark" and "Alice", who promised to return more than 100% on their cryptocurrency deposits twice a week. Despite paying a 5% withdrawal commission, the investor did not receive the funds. The scam used a similar name to the legitimate Miami Foundation, which was not involved. DFI has classified such cases as "prepaid fee fraud" and cryptocurrency investment scams using social media.