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New Bitcoin Scam Becomes Popular on Social Media, Making MFSA Issue Warning for Investors

ByBit
  • Alex Dovbnya
    📰 News

    'Bitcoin Future' targets Maltese cryptocurrency investors with an elaborate ruse

New Bitcoin Scam Becomes Popular on Social Media, Making MFSA Issue Warning for Investors
Cover image via www.123rf.com
Contents

The Malta Financial Services Authority (“MFSA”) has issued a stark warning for cryptocurrency investors who might be way too gullible to spot a new Bitcoin scam that is making rounds on the social media.

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Malta faces another Bitcoin scam

'Bitcoin Future' represents a typical definition of a typical get-rich-quick scheme, which promises that its clients can get rich in no time.

Bitcoin Future is NOT a Maltese registered Company, NEITHER is the entity operating under the transitory provision in terms of Article 62 of the Virtual Financial Assets Act (Cap 590 of the Laws of Malta) NOR is it authorised to provide any financial services in or from Malta.

Of course, even the most naive users are unlikely to fall for these empty promises. Hence, fraudsters try to inject legitimacy into 'Bitcoin Future' by posting bogus news articles that can be hardly distinguished from real ones at first blush. 

The scam in question specifically targets Maltese investors by feeding them with ads that feature local celebrities and political figures. Of course, these individuals do not suspect that their names might help steal savings from the victims of 'Bitcoin Future.'

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'Bitcoin Revolution' is alive and well

As reported by U.Today, a bevy of celebrities (from Jemery Clarkson to Richard Brandson) has been targeted by a similar sham called 'Bitcoin Revolution.' The MFSA has already informed the Maltese about this infamous scheme on multiple occasions, but its nefarious ads continue to pop up on social media.     

Martin Lewis even decided to take Facebook to court for failing to take down fake Bitcoin ads.        

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

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Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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