With all the benefits of the crypto industry, there are certain downsides that those within and outside the industry have to deal with such as scams. These scams manifest in different manners but one of the common ways is through false advertising that tries to lure people either to invest in fraudulent investments or steal their money from them. One of the common ways of perpetuating the scam is using the image of prominent personalities such as in 2018 when the New Zealand Prime Minister‘s image was used in a series of crypto scam ads which were later taken down.
Despite the best efforts of the authorities, it seems this issue shall continue for a while as a crypto scam which features the likeness of Martin Lewis, has popped up on Instagram after they had previously been taken down from Facebook.
Lewis had previously reached a settlement with Facebook after his image was used for false crypto advertising back in 2018 and now this advertising has popped up again on Instagram which is owned by Facebook. This new scam goes a step further as it not only uses the British financial expert’s image but also links to a fake article that claims to be written by the Mirror, which is a popular British newspaper.
The fake article is titled “Martin Lewis Lends a Hand to British Families with Revolutionary Bitcoin Home Based Opportunity” and also links to a crypto scam. It has since been flagged and Martin Lewis himself has tweeted a post on Twitter warning people about both the fake article and the scam behind it.
Lewis had taken legal action against Facebook in April 2018 and claimed that the social media giant had allowed over 50 fake crypto ads to be published using his image. The matter was eventually settled with Facebook donating $3.9 million to Citizens Advice to help combat this issue as well as developing a detection tool in collaboration with Lewis. Facebook and Instagram had previously placed a ban on cryptocurrency-related ads but this was lifted shortly before the launch of the Libra white paper.