The text, which asks people to pass it on to their friends, claims that a video is about to come out that could hack your phone.
While the claim about the video is a scam, there is a genuine security risk about links to WhatsApp Gold, which can direct users to malicious websites.
If you receive such a message and wish to pass it on, delete the first part of the warning about the video.
'If you know anyone using Whatsapp you might pass on this,' one variation of the message reads.
'An IT colleague has advised that a video comes out tomorrow from WhatsApp called martinelli do not open it.
However, WhatsApp users are not in any danger from the 'Martinelli' video because it does not exist.
'If you recieve a message to update the Whatsapp to Whatsapp Gold, do not click!!!!', the text continues.
Designed to help cut down on chain letter style messages, Whatsapp may use a new feature that will warn users if they receive a message or link that has been forwarded 25 times or more.
This is a fake service and by clicking on the link within the message users could open the door to fraudsters stealing sensitive information.
The link contains malware which is harmful to the user's phone and opens it up to criminals.
Several WhatsApp users have reported receiving the exclusive invite via their Messenger app.
The invite claims the elite service is used by celebrities and has extended features such as video calls, the ability to send multiple photos at the same time alongside a free calling feature.
If users are a victim of this scam they should also contact their mobile phone provider and ask for advice on cleaning their phone from any malware that has been downloaded.
They should also offer advice on how to safeguard the phone in the future.
User Fiona Colbron-Brown, a social entrepreneur from Glasgow who tweets under the handle @GlasgowEEC was one of the people who also shared the news on Twitter.
The warning, which originally circulated in Spanish, was confirmed as a hoax by Spain's Policia Nacional.