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Crypto Scammers Are Now Making Use of The Rich & Famous To Attract Their Targets

The millionaire has long been the victim of cryptocurrency scammers. Numerous false publications have highlighted how Branson encourages investors to allocate their cash and encourages them to invest in dubious platforms. Branson claims that deceitful individuals have been using his name to entice unaware people into contributing money to cryptocurrency schemes. These scams frequently target less fortunate individuals who cannot afford to lose money. In order to prevent dishonest people from using his name to seduce victims, Branson claimed he is working tirelessly in this direction.
July 23, 2022
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According to a recent investigation, Richard Branson is one of the famous people whose identities are commonly utilized in cryptocurrency scams.

According to the U.K.’s National Cyber Security Center (NCSC), scammers exploit well-known faces to rob victims of their money, including the Virgin founder, who has a net worth of $4.2 billion.

Richard Branson, a British businessman and the creator of Virgin Group, declared he would take all necessary measures to stop cryptocurrency frauds that exploit his name as bait to seduce unsophisticated investors. Given that he has shown support for bitcoin and is even a HODLer, his initials might be used to trick traders successfully.

The millionaire has long been the victim of cryptocurrency scammers. Numerous false publications have highlighted how Branson encourages investors to allocate their cash and encourages them to invest in dubious platforms. Branson claims that deceitful individuals have been using his name to entice unaware people into contributing money to cryptocurrency schemes. These scams frequently target less fortunate individuals who cannot afford to lose money. In order to prevent dishonest people from using his name to seduce victims, Branson claimed he is working tirelessly in this direction.

The British promised to utilize all of his abilities to stop such fraudulent practices in a recent interview. Since the majority of the victims are unqualified investors, he thinks this might be a horrible crime with potentially calamitous losses:

“It’s a terrible thing because it affects a small person who can ill afford it. We are doing enormous amounts to try to stop it.”

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He Had Already Brought Up The Matter With Meta's COO

Branson acknowledged that he had already brought up the matter with Meta’s COO, Sheryl Sandberg. Additionally, he has hired attorneys to investigate and resolve the issue on other social media platforms where similar thefts have taken place.

The British are not the only famous people who have fallen victim to cryptocurrency fraud. One of the co-founders of Apple, Steve Wozniak, filed a lawsuit against YouTube last year regarding bitcoin scams in which he was involved. Unfortunately for him, Judge Kulkarni said that his case could not be won based on the strength of his arguments.

The scams use well-known media companies, like The Daily Mirror, one of the best-selling newspapers in the United Kingdom, to spread false news headlines.

Branson and other famous people are featured endorsing bitcoin investment schemes in the phony articles, which also include links to these schemes. Another name that appears regularly in the ads is Martin Lewis, a well-known “money-saving expert” from the United Kingdom. It goes without saying that Branson, Lewis, and the other famous people employed had nothing to do with the frauds.

The articles are disseminated by internet advertisements, SMS text messaging, and bulk email campaigns. Because the publication utilized alters depending on the user’s I.P. address—for example, switching to a French media outlet if it determines the user is in France—the fraud is more believable.

The NCSC claims that from April to December 2020 alone, it eliminated 286,322 distinct celebrity fraud accounts. The attacks had a median availability of only 32 hours, but as soon as one is eliminated, the scammers launch another attack.

Despite hosting more than 40% of all bogus celebrity scams, according to the NCSC, Amazon is one of the web hosts that responds to takedown requests the fastest, with fake pages often being removed within 19 hours.

Since the entrepreneur is a strong supporter of the digital asset sector, his name and face may, in fact, attract customers. He claimed that “something like bitcoin is going to be successful and it’s going to enable a whole new way of doing money” in 2016. He has also made some personal investments in the leading cryptocurrency. Branson reinforced this support during his most recent appearance, saying:

“If people can afford it, I still would put a little bit of money into Bitcoin, maybe a couple of percent of one’s investments.”

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Cryptocurrencies Are a Suitable Replacement For Traditional Finance - But There Are Dangers Associated

Additionally, he thinks cryptocurrencies are a suitable replacement for traditional finance, which has been impacted in several parts of the world. Afghans seeking safety from Taliban rule and Ukrainians coping with the ongoing conflict with Russia, for instance, “would be very glad that they didn’t have all their money tied up in a local currency.”

It’s also important to note that Virgin Galactic Holdings, Branson’s space venture, accepts bitcoin as a form of payment. Tyler and Cameron Winklevoss made waves in 2014 for investing 312.5 Bitcoin in purchasing space tickets.

Branson joined forces with other businesspeople in the U.K. to fight for legislation that restricts deceptive advertising in addition to taking on social media sites. The moguls are specifically requesting that paid-for frauds be covered by the Online Safety Bill from the British government. With this clause, internet corporations would be accountable for user-generated fraud.

Martin Lewis, an English journalist and the creator of MoneySavingExpert.com, is one of the people with whom Branson is collaborating. Lewis’ identity and photos have been repeatedly hijacked by dishonest people to advertise scams on Facebook.

Notably, Facebook seems to be a major factor in the spread of bogus adverts. In addition to the U.K., the social media site is being sued in Australia for failing to block the proliferation of phony cryptocurrency advertisements.

This information was released after the U.K. The National Cyber Security Centre found that cryptocurrency scammers frequently exploit Branson’s name to advertise their con games.

Branson’s situation is a little different from the many others were con artists exploit famous people’s names as endorsements. The multibillionaire openly supports Bitcoin (BTC) as a sound investment.

For the greater portion of the first half of 2022, the cryptocurrency market has been in the bear zone. Over the weekend, this bearish attitude became more intense, driving most cryptocurrencies to record lows since their November peak.

BTC is currently down 12.26 percent on the day and is trading at $24,227.21 as of this writing. The flagship digital asset has never traded at a lower price as it does right now.

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Despite BTC’s awful performance, Branson still thinks it is profitable to invest in cryptocurrencies. He recommends that investors only hold a tiny portion of their assets in BTC. He mentions how bitcoin has proven to be a valuable resource for Afghans and Ukrainians.

Branson said that his space company, Virgin Galactic Holdings, will accept Bitcoin contributions from would-be astronauts as a way to support the cryptocurrency.

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