Category Archives: Bitcoin Revolution

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Malta Warns Traders About Global “Bitcoin Revolution” Scam

Malta Warns Traders About Global

The Malta Financial Services Authority (MFSA) warned of a global scam called “Bitcoin Revolution” which is currently being advertised on social media platforms.

The scheme had been in circulation since 10 January and used images of local celebrities maintaining that they have become wealthy through prescribed crypto investments found on the-bitcoinrevolution.org site and others.

The MFSA has confirmed that Bitcoin Revolution has no registration or license in Malta and as such has no legal right to offer financial services. The scam is thought to be of the get-rich-quick type, promising wealth within minutes. Local personalities had reported the scheme to the authorities as their images had been used for promotion without permission. A local TV star David Tucci was claimed to have turned a 250 euro deposit into 430 euros in eight minutes using the scheme. He later confirmed that this was simply a generated media hype:

“Please note I have nothing whatsoever to do with this, I have never engaged in such tradings, never did I authorize or approve of such material being published or advertised. This is clearly a scam and click-bait, please don’t buy into this.”

Articles and ads on Facebook had been published to the effect that Tucci had used Bitcoin Revolution to amass a fortune of 2.3 million euros after becoming bankrupt.

The scam may well be new to Malta but it has clearly been doing the rounds for some time, previously known in other guises, more recently as the ‘Online Profit Generator,’ a system created by Anders Thomsen capable of earning its users as much as USD 2765.25 per day through automated online trades.

Recently, TV Chef Jamie Oliver fell foul of the scam when Bitcoin Revolution marketing material said that he was closing down his Barbecoa and Fifteen Restaurant in order to “take over the Bitcoin market,” adding that he had hooked up with Billionaire Virgin entrepreneur Richard Branson to “change the definition of money.”

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Fake News Site Promotes Crypto Startup with New Zealand PM’s Images

The image of New Zealand Prime Minister Jacinda Ardern has been used as a tool for promoting a crypto start-up via a fake news site.

A local media source reported that sponsored stories had been posted on Facebook using the New Zealand PM’s image with article titles such as “This is where the future lies”, and “New Investment plan for Kiwis”. The former title related to a fake article claiming that the NZ treasury had purchased Bitcoin Revolution, a supposed Bitcoin firm.

It is not an unusual occurrence to have fake news sites use Ardern for promotions, according to a government spokeswoman at the Prime Minister’s office, claiming that the numbers of such occurrences are so frequent they’ve become almost impossible to track. She said:

“We aren’t able to manually or digitally monitor the increasing volume of fake news that fraudulently uses images of the Prime Minister.”

In August, an MP attacked the Prime Minister using a well-known fake news website to make her point, Tweeting an article challenging Ardern to denounce French child abuse laws. The PM showed her dismay at the time that politicians in positions of responsibility were using such sites to air their concerns publicly, arguing:

“We need politicians to make sure that we maintain a standard, that we don’t disseminate misinformation.”

This kind of fake media spin, which uses celebrities to supposedly endorse startups or investment opportunities has also been used to promote a number of cryptocurrency scams in the UK in 2018. British Billionaire and TV personality Alan Sugar recently joined an ever-expanding list of wealthy entrepreneurs whose names have been used in the promotion of cryptocurrency scams.

The New Zealand PM joins a growing list of those being targeted including Bill Gates, Richard Branston, Deborah Meaden and money saving expert Martin Lewis, who is currently pursuing his battle with Facebook in the High Court.

Ardern’s office has reportedly contacted Facebook and asked for the posts removed. The PM said earlier this year that she would expect any of her ministers using fake news sites to post stories to take them down.

 

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