The Washington State Department of Financial Institutions has released a warning regarding the fraudulent cryptocurrency trading platform called COS. The department took action following a consumer complaint. COS is a Ponzi scheme operated by Chinese scammers, who deceive users by pretending to be based in Washington. On their website, COS claims to be a technology company located in Washington, USA, and states that they founded COSCOIN in 2015. However, the Securities Division could not verify the actual location of the business or its legitimacy. In addition, the phone number provided was found to be invalid. Despite claims of being established since 2015, COS only recently launched a few months ago. SimilarWeb data reveals that the top sources of traffic to COS’ websites are from the UK, UAE (Dubai), and Hungary for “coscoins.com” and Russia, UK, and Germany for “cosetek.com”. It appears that COS scammers are particularly targeting the UK market.