The Washington State Department of Financial Institutions (DFI) recently issued an alert after receiving complaints tied to two cryptocurrency platforms: MMOCoin and ROYCoin. Both platforms are tied to companies claiming to be “alliances” focused on financial education and artificial intelligence. Instead, investors report being unable to withdraw any funds, raising serious concerns about fraud.
If you lost money due to crypto fraud on a trading platform like MMOCoin or ROYCoin, explore your legal options—our team at Meyer Wilson Werning can talk you through the steps of your case and help those who have been wronged. Reach out today to discuss your next steps with us.
How the MMOCoin and ROYCoin Complaints Began
According to DFI, investors first encountered MMOCoin and ROYCoin through social media promotions. These advertisements often led users into WhatsApp groups where so-called “professors” presented themselves as educators teaching cryptocurrency trading strategies.
Common Red Flags Seen in These Complaints
- Social media recruitment: Investors were approached through ads and WhatsApp groups.
- Fake “alliances”: MMOCoin was tied to Horizon & Peak Investment Corp. (WHA), while ROYCoin was tied to Seeds for Wealth Alliance (SWA).
- Unrealistic promises: Both entities claimed to use proprietary artificial intelligence (AI) trading technology.
- Locked accounts: Investors reported being unable to withdraw funds after depositing money into the platforms.
These complaints mirror a broader trend of fraudulent platforms using social media groups to lure unsuspecting investors.
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The Illusion of Legitimacy Through AI and Tokens
Both WHA and SWA marketed themselves as finance academies that use advanced AI trading systems, branded as “AI ProfitPulse” and “AI DataMind.” They also promoted tokens under their own names, which appeared on CoinMarketCap.com with white papers describing their supposed technology.
Why This Is Misleading
- Self-reported data: Listings on CoinMarketCap can be based on unverified information.
- Shared website templates: MMOCoin and ROYCoin’s sites look nearly identical and match dozens of other questionable platforms.
- False credibility: Claiming proprietary AI systems is a common tactic used by fraudulent platforms to gain investor trust.
The appearance of tokens or white papers does not guarantee a cryptocurrency’s legitimacy.
A Network of Potentially Fraudulent Platforms
DFI’s review of MMOCoin and ROYCoin revealed at least 20 other websites using the same design and content. Examples include CYPRUSAUCTION, SURFWIN, QOVEX, IPXCoin, Novacrypt, and CapitalVault, among others. These similarities suggest a broader scheme designed to recycle the same fraudulent model under different names.
Characteristics of These Copycat Platforms
- Use of nearly identical website templates.
- Claims of AI-based trading technology.
- Promises of professional “alliances” or educational programs.
- Reports of investors being unable to withdraw their money.
This pattern aligns with what regulators call advance fee fraud, where investors are encouraged to deposit funds into trading accounts they will never be able to access.
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What Investors Should Do If They Encounter Similar Schemes
The DFI cautions that consumers should be extremely careful before responding to any online investment solicitation. Unlicensed promoters often use impersonation tactics to appear legitimate.
Steps Investors Can Take
- Check licenses: Verify whether an advisor or firm is registered through FINRA BrokerCheck.
- Verify products: Contact the Washington DFI Securities Division to confirm whether an investment product is registered or exempt.
- Avoid unknown contacts: Do not rely on strangers on WhatsApp or social media for financial advice.
- Watch for withdrawal issues: Difficulty removing funds is one of the clearest signs of a fraudulent platform.
These steps can help investors identify scams before they cause significant financial harm.
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How Meyer Wilson Werning Helps Crypto Investors
Cryptocurrency scams like MMOCoin and ROYCoin show how easy it is for fraudulent platforms to take advantage of investors online. If you have lost money in a scheme tied to social media promotions or false trading platforms, our team at Meyer Wilson Werning can help evaluate your case and pursue recovery options. We focus on representing investors — not financial firms — and holding those responsible accountable for their misconduct. If you’ve been affected by crypto platforms through hacking, fraud, or unsuitable advice from a financial advisor, contact us today to learn how we can help.
Frequently Asked Questions
What are MMOCoin and ROYCoin?
MMOCoin and ROYCoin are cryptocurrency platforms that claimed to be part of financial “alliances” offering education and AI-driven trading strategies. According to the Washington State DFI, investors reported being unable to withdraw their funds after depositing money.
Why did regulators issue a warning about these platforms?
The Washington State Department of Financial Institutions received complaints that both MMOCoin and ROYCoin used misleading promotions, fake alliances, and AI claims to attract investors. Their practices raised serious concerns about fraud.
How were investors targeted?
Promoters often reached investors through social media and WhatsApp groups, presenting themselves as “professors” teaching crypto trading. These groups then encouraged deposits into the fraudulent platforms.
What red flags suggest these platforms were scams?
Red flags included unrealistic promises of profits, nearly identical websites across multiple platforms, self-reported token data, and investors being unable to withdraw funds—classic signs of fraudulent activity.
What should investors do if they suspect they’ve encountered a similar scheme?
Investors should verify registrations through FINRA BrokerCheck, contact state regulators like the Washington DFI, avoid reliance on unknown social media contacts, and treat withdrawal difficulties as a major warning sign of fraud.
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