Globally, it is an accepted fact that cryptocurrency is a digital currency that was developed to operate as a medium for exchange and transactions. With the use of cryptocurrency, financial transactions are well secured with the aid of very strong cryptography. This cryptography also helps in the formation of new units and in the verification of transactions made.
Cryptocurrency is the recent trend for numerous monetary transactions due to its long list of advantages, due to this face, everyone who wants to grow their financial income is keen on making t and investing in cryptocurrency. Cryptocurrency have also been part of a boom in online betting and gaming. Although, cryptocurrency also has its disadvantages just like any other investment.
After the epic bitcoin bull run in 2017, which provided a lot of people with the hope that they could jump in and cash out on the rush of digital gold. This digital gold rush was closely followed by a slump in the bitcoin price just last year which brought about the drop in bitcoin price to almost 90% and meant that the risk involved in bitcoin investment had reduced but that didn’t mean scams are completely out of the scene.
Just recently, the world wide highly respected researchers from the UK have published in Which magazine, warning users of global social media platforms like Facebook, MSN, AOL, and even Yahoo, that there are still criminals loitering the internet and are trying to exploit from those globally trusted websites. These criminals according to the researchers are responsible for posting an endorsement of celebrities for bitcoin and other digital currencies which are not original and the UK researchers define this as one of the most prolific and highly sophisticated scams on the internet over the years.
Various individuals have fallen victims to this cryptocurrency scam and they have recorded individual losses amounting to about $250,000. And these losings were reported by the victims who simply followed links on websites like MSN, AOL, Facebook, and Yahoo.
According to Which Magazine, Over 1560 different cases of bitcoin and other cryptocurrency investment scams had been reported in the UK in just the first half of the year 2019. As further reported by Which Magazine, numerous cases of this cryptocurrency scam are linked to fake ads that have been well designed to properly convince the potential victim that it is a page from Mirror or BBC websites.
Which Magazine also reported that images of high profiled billionaire businessmen like Sir Philip Green, Lord Sugar, and Sir James Dyson, including the images of Simon Cowell the music producer, were all found in this site being used by the fraudsters in order to appear real to their potential victims. To be clear, none of the celebrities are responsible for the fraud, but their images and reputations are being ruthlessly abused by organized scammers.”
Which magazine also added that there are still various types of similar scams that are still alive for almost two to three years after it was first introduced by the fraudsters.