One of the most popular scams in WhatsApp groups among the Latino community in the United States is the one that promises to make you rich overnight with cryptocurrencies and other investments, according to the third installment of the report WhatsApp weaponized: how scammers target U.S. latinos through public groups by the Digital Democracy Institute of the Americas (DDIA) published this week. The first part of the study focuses on unrealistic discounts, giveaways and fake stores; the second part focuses on the use of immigration status as bait.
“The illusion of affordable wealth is the lure used to drain the economic resources of potential targets,” the report highlights, adding that the information gathered reveals a worrying ecosystem in which unregulated investment platforms, cryptocurrency scams, and currency trading schemes proliferate unchecked. “The patterns uncovered here should sound alarms not only for Latino communities but also for U.S. regulators, law enforcement agencies, and financial institutions.”
According to DDIA, more than 3,000 unique messages were analyzed with the help of Palver—a technology company that specializes in social trend analysis—and found that these are marked within WhatsApp with the caption “frequently forwarded,” a warning sign to be cautious. The Institute estimates that these fraudulent messages may have reached more than 192,000 users in 262 groups. “It’s an issue that deserves more attention.”
The messages analyzed show that criminals pose as investors, mentors, or coaches who invite Latinos to join an exclusive group of “entrepreneurs” and earn extremely high profits. “How to earn money with your cell phone without leaving home,” says the content, highlighting the promise of a 1,000% return with a suspiciously low initial investment.
Automated financial algorithms
The advertisement for automated financial algorithms that promise unrealistic daily returns is one of the most prevalent tactics, according to the study. “Put your money to work for you. No experience necessary. Automatic profits in your wallet,” the messages say. In these cases, criminals request deposits in cryptocurrencies to avoid banking regulations. The digital currency USDT is the most requested for these scams (it is a cryptocurrency designed to maintain a stable value, pegged 1:1 to the U.S. dollar).
Some offers feature a “24-hour plan,” encouraging people to make small investments in USDT with the guarantee of exponential growth in a day. For example, “invest 50 USDT and earn 750 USDT.” In addition, scammers use fake testimonials to gain credibility. The DDIA also identified plans with 150% returns in 24 hours with a minimum 5,000 USDT deposit; and 200% returns in 48 hours with a 50,000 USDT deposit.
Loans and financial services
The Institute also found financial service “offers” promising loans ranging from $2,000 to $1 million. These are classic lures for what the report calls advance fee frauds: they convince the victim to pay a sum of money to unlock the loan, which never materializes, or which has high and hidden interest rates.
Pyramid schemes
Financial fraud also relies on recruiting new members. “Join our Loom of Abundance. Gift and you will receive multiplied by eight.” DDIA investigators believe that these groups enable Ponzi schemes to go viral: a fraud that pays existing investors with funds raised from new investors.
Bank impersonation and online gambling
Some potential scammers use legitimate names of financial institutions and offer personal assistance in opening a bank account, likely with the goal of obtaining sensitive personal information and identity documents from individuals. This investigation also found alleged online gambling promotions: some promise to “double your money” through a limited-time offer.
Cryptocurrencies in the Trump Administration
In recent years, cryptocurrencies have taken on significant importance in the financial industry. So much so that they have reached the highest circles of power. According to Reuters, the Trump family, for example, earned some $800 million during the first half of 2025 thanks to World Liberty Financial, a company founded in 2024 by members of the family.
In light of some irregularities, there is currently an open war between the crypto industry and big banks in the United States. On Thursday, January 15, the Senate Banking Committee was scheduled to vote on the Clarity Act, a legislation that defines the rules of the digital asset market in the country, but on the eve of the debate, lawmakers backed down. Division among Republicans and doubts among some Democrats have stalled the bill passed by the House of Representatives in July 2025.
In contrast, the Genius Act is U.S. President Donald Trump’s big promise to leave skepticism about digital currencies behind. The regulation seeks to regulate stablecoins, cryptocurrencies that are linked to an external asset such as the dollar, the euro, or gold to maintain a stable value.
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