Australian financial educator Scott Pape (also known as the 'Barefoot Investor') publicly shared how he is combating cryptocurrency scammers who are impersonating him to defraud his fans. Pape stated that he and his team have been reporting hundreds of fake Facebook groups that imitate his likeness and attempt to lure people into scams. Pape did not wait for Facebook to take down these groups (which could lead to a surge in scam activity during this time) but decided to engage with the scammers and detail the process they use to deceive people. He added that further research has shown that many U.S. regulatory and financial authorities have warned about certain fraudulent 'wealth institutions' promising to provide cryptocurrency trading courses via WhatsApp. In such scams, a 'professor' provides fake trading signals to gang members, encouraging them to invest funds, while an assistant communicates with the investors. Once enough funds have been raised, the gang disappears with all the money, changes their appearance, and targets new victims.