Bitcoin

Bitcoin Scam Hits Music Mogul Simon Cowell

Bitcoin Scam

Simon Phillip Cowell is an English television celebrity, producer, record executive, and entrepreneur. Last year his name resonated in a Bitcoin fake ads scam, promoting the online currency.  Though, last December, he filed a complaint against the bitcoin scammers for using his picture and fake endorsement.

Simon Cowell’s fame has been used in many Bitcoin scams for more than a year. According to the fake ad, he is apparently making bank on his investment, earning more than 630 percent of profits, which is much bigger than anything he ever made.

Not surprisingly, Cowell categorically denied any association with the Bitcoin Revolution (aka Bitcoin Evolution).

One of the false ads claimed Simon “recently more than doubled his wealth by using a push-button software developed by an ex software engineer” named “Steve McKay” who the scammers called him as Simon’s friend. The ad has a picture of Simon and holding a biography of a healthy-looking McKay, who claims to earn £10,000 each day. 

But a spokesperson for the Music Mogul Company said: “This is a false and defamatory online scam. We are taking legal action but also believe action must be taken generally against such fraudulent phishing sites.”

In the case of Cowell, he had earlier filed a lawsuit against Bitcoin scammers for using his name and picture, but it is unclear whether he intends to do so.

Several people have seen ads appear on Facebook feeds for bitcoin, but financial experts criticized them for exploiting celebrities who have nothing to do with the company scheme.

Despite the recent decline in Bitcoin prices, scammers are still very interested in using fraudulent cryptos to strengthen their wallets.

The scam, named “Bitcoin Revolution,” quotes allegedly made by celebrities to place ads on social websites and other platforms, to mislead people into investing with their hard-earned currency.

The police warned people about social media scams to invest in Bitcoin’s online currency, which seems to be backed by celebrities. Pauline Smith, head of Action Fraud, the UK’s national fraud reporting center, said the figure of fake cryptocurrency investment schemes impersonating celebrities is staggering.

“These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms,” Smith warned.

In May, The FCA said last year crypto and currency investment scam reports more than tripled to 1,800 or above. It said: ‘Fraudsters frequently use social media to support their “get rich fast” online trading platforms. 

The Financial Conduct Authority (FCA) revealed that crypto and foreign exchange investment scams in 2018 and 2019 cost UK consumers about $35 million.

FCA Executive Committee member Mark Steward also revealed that investors should be wary of crypto-based investment plans that promise a high rate of return, which is hard to believe.

Steward said. “Scammers can be persuasive, so always do your research into any firm you are considering investing with, making sure that they are the real deal. Before investing online, find out how to protect yourself from scams by visiting the Scam Smart website – and if in doubt – don’t invest.”

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