Wednesday, April 8, 2020

Scammers using Elon Musk’s name to promote fictional bitcoin platform

The Takeaway:

Scammers are using Elon Musk's picture in advertisements promoting bitcoin investments that promise more than 4000% return on investment. Oscar-winner actress, Kate Winslet earlier reported scammers that were using her picture to promote the fake bitcoin investment scheme.

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Scammers are promoting fake bitcoin investment platform via fake mainstream news outlet websites. The scammers are using pictures of celebrities and fake quotes and interviews to lure in people to invest in bitcoin scam. 

“Bitcoin Profit” scam uses names of people like Richard Branson, Elon Musk and Bill Gates to make the firm sound authentic. The advertisements include pictures of celebrities along with balance sheet of alleged investments in Bitcoin that shows huge returns.

All the advertisements have the same balance sheet that shows buying worth $10,394 BTC yielded them return over 4,000%. Scams that include well-known celebrities or experts from market promoting BTC investments are on the rise. 

Earlier, Mirror revealed that actress Kate Winslet reported scammers who were using her picture without her permission to promote fake bitcoin investment scheme. Kate is not the only one many celebrities and experts took legal action against scammers who used pictures of them for promoting a scam. 

It is highly advised to cross-check everything before investing in cryptocurrency and always do your research to check the legitimacy of a company. Mostly these scams are targeted at people who have limited knowledge of the cryptocurrencies. Any firm or advertisement that claims to give you guaranteed huge returns on your crypto investment is a red flag and chances are that is a scam. 

The British Financial Conduct Authority (FCA) earlier warned people about clone frim that was offering fake crypto investments. Let us know in comments how do you think these scams can be curbed down?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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