WhatsApp users targeted in Bitcoin penny stock scam

A number of WhatsApp spam messages sent last week saw a temporary spike in the low-cap stock of a little-known bitcoin company.

The screenshots of WhatsApp spam messages was reported by The Awl. The spammers reportedly posed as traders from major investments banks including JPMorgan, Morgan Stanley and Goldman Sachs and told the users that AVRN will spike to $1.

One of the messages read:

"Hi its ed at goldmansachs I hope the familys good. Listen my "guy" just sent me a msg saying that AVRN is going to a dollar so if u wanna make a move and buyit u shud do it now. Txt me later let me know how it goes."

What's interesting to note here is that AVRN Inc actually rose to highs of $1.26 following the spam messages. However, it soon tanked and fell back to where it started.

According to avraglobal.com, Avra, Inc. (OTCBB:AVRN) is "Focused on solutions in the digital currency markets, particularly in offering payment solutions to businesses worldwide. Avra's business model is divided into four distinct categories: AvraPay: to develop a complete, turn-key and painless way for merchants to accept Bitcoin as Payment; AvraATM: to promote usage and acceptance of digital currencies through the Company's proposed network of ATMs; AvraTravel: to provide digital currency processing solutions for merchants such as hotels and casinos; AvraNews: to provide a news portal focusing on digital currency news."

One reddit user indicated that they have reported the incident to the US Securities and Exchange Commission.

"Currently trading at a $10 million market valuation AVRN has minimal assets and no revenues to date as well as rising short term debt. AVRN saw a massive spike to a high of $1.26 on Friday, August 21 after an unsolicited, spam Whatsapp text message was sent out at 8:20 PST AM saying AVRN is going to $1. This kind of action represents a massive red flag and does not look good at all for AVRN or its shareholders. We will be updating on AVRN when more details emerge so make sure you are subscribed to Microcapdaily so you know what's going on with AVRN."-Microcapdaily