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

📰 News
Thu, 10/31/2019 - 15:45
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • {{ content.field_content_author|field_value|getauthorname|raw }}

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

Cover image via www.123rf.com
3Commas
3Commas
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.

Must Read
Elon Musk Gets Embroiled in Crypto Scam That Offers Tesla Model S - READ MORE

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.'

Must Read
Bitcoin Investing Scam Gets in the Crosshairs of US Regulator - READ MORE

'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.        

{{ content.field_content_author|field_value|getauthorname|raw }}

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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.

3Commas
3Commas
Recommended articles
Bitcoin (BTC) is What DeFi Makers Want to Build on: Anthony Pompliano

Bitcoin (BTC) is What DeFi Makers Want to Build on: Anthony Pompliano

This Bitcoin Technical Formation Makes $7,500 Likely in Short-Term: Trader

This Bitcoin Technical Formation Makes $7,500 Likely in Short-Term: Trader

XRP/USD Pair Added to Binance.US App as XRP’s Liquidity Increases

XRP/USD Pair Added to Binance.US App as XRP’s Liquidity Increases