According to the Australian Securities and Investments Commission (ASIC), scammers are using communication groups on platforms like WhatsApp to lure retail investors with stock tips and crypto trading strategies, then directing them to fake crypto trading platforms. ASIC states that these platforms display fabricated trading data, account balances, and profit records, but the funds deposited by users never go into real investments—they go straight to the scammers. If victims request withdrawals, the scammers demand additional fees under the guise of 'unlocking funds' or 'releasing profits.' ASIC also warns that some scams impersonate 'fund recovery services' to target users who have already fallen victim to pump-and-dump schemes or investment scams. https://(wublock123.com)/news/asic-warning-fake-crypto-exchange-fake-profits-pump-and-dump-user-scam-61695