After Informing Police Officers The Fake “Bitcoin Trader” Advertisement Was Removed.
A new virtual currency get-rich-quick scam illegally using the identities and reputation of the highly rated TV series “Shark Tank” promises members fast cash and guaranteed wins with a “bullet-proof” automated trading software that can’t lose. If all this is starting to strike a negative chord, then you have obviously been exposed to various online trading scams. Financial scams account for around 80-90 Million Pounds in stolen money just in Ireland and the United Kingdom. With the advent of Bitcoin as well as other cryptocurrencies such as Ethereum, Dash, Litecoin, and Ripple it was only a matter of time before crafty con artists latch on to this niche and start promoting their scams aggressively.
It is exactly for this reason the both Facebook as well as Google have decided to ban cryptocurrency advertising in all its forms including ICO’s, exchanges, and various brokerage services. In many ways this equates to “throwing out the baby with the dirty water”, but obviously complaints and regulation regarding offshore binary options and Forex brokers have affected corporate policies in both Google as well as Facebook.
So How Does the Scam Work?
When viewers are exposed to a fake news page on Yahoo, the BBC, or the Guardian for example, they tend to think it is legitimate. This is especially true in cases where celebrities or known public figures are openly endorsing a certain product or system. In reality, Steve Baxter from the Shark Tank never traded Bitcoin in his life and was appalled to find out his name was used to promote crypto scams such as the Bitcoin Trader and Bitcoin Loophole.
Misinformation and Confusion Roaming the Net!
The amount of misleading and false information about Bitcoin coupled with all the media hype and attention about newly made crypto-millionaires such as Vitalik Buterin and the Winklevoss twins generate the kind of environment which is ripe for con artists. Danger lurks as cryptocurrencies rise!