Jul 31, · With crypto scams capturing more than $4 billion in , performing due diligence and extensive research on any crypto product before getting involved is more important than ever. ASIC notes that, once lost to scammers, crypto is virtually impossible to recover: “Fraudsters are often based overseas and so are their scam websites, which makes them notoriously difficult to close down. Jul 29, · Bitcoin scammers are fraudulently using prominent news sites and government agencies in an attempt to legitimise scams. Avoid crypto trading scams such as Bitcoin Evolution, Bitcoin Revolution and Bitcoin Trader. Dick Smith, Karl Stefanovic and Virginia Trioli. ASIC is aware of two situations in which fake celebrity endorsements are being used. Sep 15, · A bitcoin investment scheme called “Bitcoin Revolution South Africa” has been gaining much attention lately. Promoters claim that famous South Africans endorse this platform, including mining billionaire Patrice Motsepe, comedian and actor Trevor Noah, and President Cyril natur-holzbausteine.den Revolution Invades South AfricaThe South African version of the Bitcoin Revolution scheme, simply.
Virginia trioli bitcoinAustralian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads | Bitcoin Insider
Promoters claim that famous South Africans endorse this platform, including mining billionaire Patrice Motsepe, comedian and actor Trevor Noah, and President Cyril Ramaphosa. Promoters of this scheme claim that the platform is endorsed by famous South Africans to lure investors. Celebrities whose names and photos have been used for this purpose include comedian and actor Trevor Noah, President Cyril Ramaphosa, mining billionaire Patrice Motsepe, rugby star Naas Botha, and politician Pravin Gordhan.
The Bitcoin Revolution South Africa website is almost identical to the original Bitcoin Revolution website, which news.
It displays the same video that features Microsoft co-founder Bill Gates, Virgin Group founder Richard Branson, and other famous people talking positively about bitcoin.
The website also displays fake testimonials and fake live profit results. The magazine contacted Google which displays ads for the scam. A spokesperson for Google told the magazine that the search engine giant removed 2. Ramaphosa tweeted at the time that the story was fake. Some regulators worldwide have warned about Bitcoin Revolution, such as the Philippine Securities and Exchange Commission, which has repeatedly issued warnings about this scheme. What do you think about Bitcoin Revolution South Africa?
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Your email address will not be published. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. The ASIC outlined a number of examples as part of their warning. One example, Bitcoin Evolution, is a fake crypto trading bot. Other similar scams operate under the names Bitcoin Revolution and Bitcoin Trader. The ASIC explained that fraudsters combine online search terms to generate fake news articles and ads on social media, which contains fake endorsements of celebrities or media outlets.
Online search engines and news sites often republish those articles or ads, perpetuating excitement and interest in the cryptocurrency. This leads to a purchasing frenzy, said the watchdog. They added:. The scammers then sell 'dump' their own share in the now-overvalued cryptocurrency.
This causes its value to plummet, along with any hope for victims of recovering their initial investment. According to a study by Scamwatch, an arm of the Australian Competition and Consumer Commission, younger Australians aged 25 to 34 were most heavily affected by crypto investment scams.