The rise in the value of cryptocurrencies especially Bitcoin has attracted a lot of bad people to this industry. Cryptocurrency scammers have used the ways like Fake ICOs, Cloud Mining Schemes, Multi-Level marketing to theft the investors but recently they have started using fake celebrity endorsements and other social media tricks to trick the investors into fake crypto and bitcoin projects.
Crypto Fraudsters Tempt Victims with Fake Endorsements
It is worth mentioning here that cryptocurrencies have been around for just 10 years and in most part of the world including Europe, US, UK the cryptocurrencies are no regulated. Financial Conduct Authority in recent press release warned the crypto investors not to invest in shady crypto ventures. The warning came after the reports of a 22-year-old Finnish investor lost $35 million USD worth of bitcoin to a cryptocurrency scam.
In the warning, FCA has warned that Crypto investors are being targeted by crypto scammers with fake crypto investment opportunities and for this purpose they are using social media platforms and images of well-known celebrities to attract them. FCA also added that the crypto scammers put the nice Ads on the social platform and these ads link to the professional-looking websites