According to Odaily Planet Daily, Australian financial educator Scott Pape publicly discussed how to combat cryptocurrency scammers who impersonate him to defraud fans. He and his team reported hundreds of fake Facebook groups.
Pape did not wait for Facebook to remove these groups but chose to engage with the scammers to expose their fraudulent practices. He pointed out that many U.S. regulatory agencies had warned about fake 'wealth institutions' offering cryptocurrency trading courses via WhatsApp.
In these scams, a 'professor' provides false trading signals, assistants communicate with investors, and after raising funds, the gang disappears and targets new victims.