BTC Fraudsters lured some innocent citizens of Abu Dhabi into investing in a trading platform that had the logo and the face of the Sheikh Mohamad bin Zayed who is the Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the Armed Forces. Let’s get into it some more in the altcoin news below.
According to the UAE medium outlet-the National, the BTC fraudsters operated from Ukraine and Argentina and told the victims that the Crown Prince wants to help the people by making them rich by using the Bitcoin trading platform. The fraudsters even included a quote that the Prince never actually said, saying that this is his way of giving back to people. The Bitcoin trading platform which was actually fake, claims that the users could have made up to $13,000 in less than 24 hours. According to the website of the scam platform, people could earn these profits with the help of Bitcoin trading bots:
“The best part is that anyone can use it and make money – even if you have never traded before or if you are a seasoned professional.’’
Despite the marketing scam with the Crown Prince of Abu Dhabi, his name is nowhere to be found on the scam website. The creator of the fake automated trading platform was the only one mentioned. According to a Google search, Steve McKay is not even a real person but the scammers used a stock photo from Shutterstock in order to lure the victims into believing that he is the creator of the platform.
As noted in the latest cryptocurrency news, the National wrote that the precise number of the victims is still unknown since the scammers successfully scammed thousands who invested their personal details and money to the scammers. The post was also sponsored on Facebook and had more than 8,100 comments and 37,000 reactions. The fake story included a fake article saying that a person named Michael Alvarado made up to $7,080 with the trading platform in only two weeks. The scammers also used an image of the US-based freelance journalist Timothy Seppala who already confirmed that his photo was used without his permission.
Bitcoin Reaches The Second Inning As Bakkt Launch Nears
“Bakkt’s launch is expected late in the current quarter.” “Bakkt could be a huge catalyst for institutional participation in the crypto market.”Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.
Australian Couple Loses $900,000 In A Crypto Scam
“That was the whole of our superannuation – that’s now gone.”They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
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