One of the unfortunate realities of the cryptocurrency industry is the fact that scams are somewhat prevalent. While this is true for any industry that involves some sort of exchange of money, the crypto industry is a particularly new industry and not enough information is in circulation about crypto to the general public and as such, there are a variety of scams that are perpetuated. Some of these include phishing scams, fake giveaways as well as fake investment schemes that promise an unrealistic return on investments to those who do not understand the workings of the cryptocurrency industry.
The Malta Financial Services Authority recently put out a warning about a new cryptocurrency scam that has similarities with a previously identified one and this one was published on October 31, 2019.
Old Dog, New Tricks
This scam in question is called ‘Bitcoin Future’ and according to the Malta Financials Services Authority, has similar characteristics with another scam called ‘Bitcoin Revolution’ which they had already put out two warnings for in the past.
In a bid to avoid detection, the scammers apparently change the name of the business consistently once they are reported and adopt such slogans as as “A way to build your life better” and a “Unique opportunity for Maltese”. The warning also stated several URLs that have been tracked as belonging to the scammers. It was also stated that the hackers have some consistent in the selling points with which they attract victims.
“Bitcoin Future is promoting itself by means of fake news articles which misuse images of local personalities and images of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be linked to these individuals,” the warning said.
It was also clarified that this firm is not in a Maltese-registered firm and is not licensed to operate financial services within the provisions of the Article 62 of Malta’s Virtual Financial Assets Act. The warning goes on to state that individuals should not do business with them as they are nothing but an Internet get-rich-quick scheme. The link was also provided to the companies who have been authorized to operate financial services within Malta in order to guide the public.