If you’re interested in online cryptocurrency trading and searching for such content, you’ve undoubtedly seen ads or posts by celebrities promoting digital coins, we call it celebrity crypto scam.
Recently, Kim K. ended up in court accused of hyping the new crypto coin EthereumMax. But the issue is that she did it without informing the broad audience that someone actually paid her for it.
Reportedly, coin creators sold their holdings of EMAX for substantial profit after this ad saw the daylight.
We have Elon Musk actively promoting Dogecoin, Matt Damon endeavoring crypto ads displayed during Super Bowl commercials, etc. These are all paid promotions or simply advocating for certain coins to tumble up the market. The best example of this is Musk and Dogecoin tweets.
However, what happens when these ads are false? When celebrities had nothing to do with crypto promotion, but someone took their face and words out of context?
Advanced as they are, scammers have found a new way of exploiting celebrities. Fraudsters are using their popularity for crypto promotion. Celebrity crypto scam is very popular in 2022, and this is unlikely to change in 2023.
One of the recent examples is Elon Musk advocating for BitVex, a new trading platform he allegedly owns. The ad promises up to 30% return on crypto deposits. As you can already guess, platform creators vanished with customers’ funds.
Hackers used legitimate interviews of Musk, Cathie Wood, Michael Saylor, and many others to create this fraudulent ad.
Another example of misuse would be QuantumAI. It’s an app allowing traders to join the crypto market and trade BTC and other cryptocurrencies. All this with high returns.
Once again, Elon Musk has been named the owner of the fraud. Which, of course, can’t be further from the truth.
Richard Branson, the British billionaire, is another person whose name often appears in connection to fraudulent crypto promotions. While he really does support some large crypto projects, you should check thoroughly whether you’re going in a good direction.
According to the BBC, criminals have used advertisements showing Harry and Meghan, the Duke and Duchess of Sussex. In this ad, they are endorsing cryptocurrencies and advising investors. At the same time, English football manager Gareth Southgate was another fake endorser.
Typically, false ads will contain small portions of interviews where a certain celebrity said something about digital coins. You will see them saying how they’ve invested in the crypto market or a specific exchange/platform, and that’s how they earned their fortune. Unbelievable profit promises will follow this.
Pay attention to the amount they demand you to invest. Most scammers nowadays ask for 250 USD/GBP/EUR or an equivalent amount in any other currency. This can be a strong indicator that you’re about to be defrauded.
If you believe that the offer is legitimate, ensure to read reviews. These can tell you a lot about people’s experiences. Once you see that hundreds of people are reporting fraud, be sure to stay away.
Finally, search for the website of the platform or exchange in question. If there are no company owners, legal documents, and regulations, it’s your cue to leave.
No reputable trading firm will leave its customers without crucial details.
Contact us for assistance if you’re unsure how to do so. Even if you feel uncomfortable starting the process alone, we’re here.
There are certain methods that could help you trace your funds and find the wallet where the crypto is transferred. Then, you can submit a legal letter to exchange and demand a refund.
If you have used your digital wallet to transfer funds to scammers, finding specialists in crypto tracking and tracing is the best way. With their help, you can submit evidence to the exchange holding your funds.
Usually, if you see something too good to be true, it’s not a legitimate ad. You can always do your research, find the website of a crypto coin in question, and see other people’s experiences with investing in it.
There are certain methods that could help you trace your funds and find the wallet where the crypto is transferred. Then, you can submit a legal letter to exchange and demand a refund.
If you have used your digital wallet to transfer funds to scammers, finding specialists in crypto tracking and tracing is the best way. With their help, you can submit evidence to the exchange holding your funds.
Usually, if you see something too good to be true, it’s not a legitimate ad. You can always do your research, find the website of a crypto coin in question, and see other people’s experiences with investing in it.
The post Celebrity Crypto Scam – How Do Celebrity Crypto Scams Work? appeared first on Global Fraud Protection.
