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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Apprentice Boss Alan Sugar Issues Warning Over Fake Bitcoin Endorsement

newsbtc
newsbtc
1 year ago
2 mins read
Bitcoin

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British business magnate Sir Alan Sugar has become the latest to warn Brits about Bitcoin scams following a fake investment endorsement using his name.

Alan Sugar: ‘They Are Scum’

Known for his less than subtle remarks and one-liners in the BBC TV series The Apprentice, 71-year-old Sugar has now spoken out against scams relating to cryptocurrencies. Taking to social media, he warned his followers about an advert from Bitcointrader claiming that he was endorsing their advertisement.

WARNING: Please ignore an advert from Bitcointrader suggesting I endorse their offerings. They are SCUM it is a total scam. Please pass this on to all your friends particularly the elderly who are falling for this terrible scam #BITCOINTRADERSCAM

— Lord Sugar (@Lord_Sugar) May 15, 2018

Unfortunately, with rising interest being seen within the cryptocurrency market, scammers are seeing the potential they present and are turning to them to make a profit from unsuspecting victims. As a result, they are using the faces of well-known individuals to further their cause and make their adverts seem legit.

According to Action Fraud, the U.K.’s national fraud and cybercrime reporting centre, in March consumers were tricked into transferring a total of £34,000 by fraudsters in 21 separate cryptocurrency cases, reported the Independent. The report quoted Pauline Smith, director of Action Fraud, as stating that fraudsters were opportunistic and were ‘doing everything they can’ to defraud unsuspecting victims.

Other celebrities that have had their images used to promote cryptocurrency scams include Deborah Meaden, known for her role in the TV series Dragons’ Den. MoneySavingExpert Martin Lewis is another individual who has had his image and reputation used for crypto scams. As a presenter on ITV’s The Martin Lewis Money Show, he took matters to another level last month after he announced that he had issued high court proceedings against social media platform Facebook as a result.

At the time, Lewis reported that there had been more than 50 fake adverts with his name posted on the platform that had likely been ‘seen by millions of people in the U.K.’ A few of the get-rich-quick schemes that he mentioned included ‘Bitcoin Code’ and ‘Cloud Trader.’

“Enough is enough,” he said. “I’ve been fighting for over a year to stop Facebook letting scammers use my name and face to rip off vulnerable people – yet it continues.”

The U.K.’s Financial Conduct Authority (FCA) has also expressed concern about the risks that cryptocurrency scams present to young people. At the beginning of the year, the authority released a warning ‘urging the public to be vigilant to the threat of online investment fraud.’ These included binary options, contracts for difference (CFDs), forex, and cryptocurrencies such as Bitcoin it noted.

Featured image from Shutterstock.
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Comments 4

  1. Mary M. Hernandez says:
    7 years ago

    St­art making more money weekly… It’s an awesome side work for anybody… The best part is that you can work from comfort of your home and get paid 100-2000 bucks every week … Start today and have your first cash by the end of this week>>>> FL-Y.COM/3s2t

    Reply
  2. Julius Baines says:
    7 years ago

    There are many binary options companies which are not regulated all around. Most of these offshore companies are not supervised, connected or affiliated with any of the regulatory agencies such as the Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). Please If you have lost a reasonable amount of money to an alleged trusted broker, contact wealth recovery now on ;

    info@wealthrecoverynow.co for assistance on how to get your money back.

    Reply
  3. Keith Alger says:
    7 years ago

    Does anyone know how you actually stop pages from Yahoo and Google pushing these and other scam adverts! If it’s not bitcoin then it’s “miracle cord cutting devices” otherwise known as an antenna! The ads Mr Sugar is being misrepresented in are all over Yahoo at the moment!

    Reply
  4. Whitney Payton says:
    7 years ago

    I also was conned by the guys from Axis Capital Group regarding the Triton Ore S.A. shares. Now I was recently contacted by FMA Global Ltd. from Hong Kong (or so they say) by a guy named Marcus Gate, who was interested to “unblock” my shares for a mere sum of 4500 dollars, and indeed they did unblocked them. I vouch they can help you with recouping your funds, mail marcusgate@consultant com..

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 4

  1. Mary M. Hernandez says:
    7 years ago

    St­art making more money weekly… It’s an awesome side work for anybody… The best part is that you can work from comfort of your home and get paid 100-2000 bucks every week … Start today and have your first cash by the end of this week>>>> FL-Y.COM/3s2t

    Reply
  2. Julius Baines says:
    7 years ago

    There are many binary options companies which are not regulated all around. Most of these offshore companies are not supervised, connected or affiliated with any of the regulatory agencies such as the Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). Please If you have lost a reasonable amount of money to an alleged trusted broker, contact wealth recovery now on ;

    info@wealthrecoverynow.co for assistance on how to get your money back.

    Reply
  3. Keith Alger says:
    7 years ago

    Does anyone know how you actually stop pages from Yahoo and Google pushing these and other scam adverts! If it’s not bitcoin then it’s “miracle cord cutting devices” otherwise known as an antenna! The ads Mr Sugar is being misrepresented in are all over Yahoo at the moment!

    Reply
  4. Whitney Payton says:
    7 years ago

    I also was conned by the guys from Axis Capital Group regarding the Triton Ore S.A. shares. Now I was recently contacted by FMA Global Ltd. from Hong Kong (or so they say) by a guy named Marcus Gate, who was interested to “unblock” my shares for a mere sum of 4500 dollars, and indeed they did unblocked them. I vouch they can help you with recouping your funds, mail marcusgate@consultant com..

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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