Bitcoin Scams Running Rampant, FB getting Sued & CFTC being Forged

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Bitcoin fraudsters are still actively scamming the people out of their money as two fraudsters forged CFTC documents and stole Bitcoin from retail investors. In another instance, Facebook is being sued by millionaire Martin Lewis over fake Bitcoin ads that he says are destroying people’s lives and funds.

Millionaire Martin Lewis suing FB over fake BTC ads destroying funds & life

In late January, social media giant Facebook banned cryptocurrency ads only to reverse its crypto ad ban in late June. The company had stated at that time:

“Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility.”

However, look like things aren’t changed as fake bitcoin ads are destroying the people’s lives and their funds according to Martin Levis, a millionaire that runs a consumer advice source called MoneySavingExpert.com in Britain with 15 million users a month.

Lewis is now suing Facebook for defamation over fraudulent adverts on his name. First launched in April 2018, the lawsuit claims scammers are using his reputation to trick people into Bitcoin on FB.

“The impact on people’s mental health of losing their retirement funds, or losing their children’s money that they thought they were investing is catastrophic and life-destructive.”

Lewis is trying to extract an apology and damages that he will donate to charity. He has also been in talks with Facebook regarding the same as an FB spokeswoman said:

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“Since Martin raised this issue, we have removed a large volume of false ads featuring Martin as well as associated pages and accounts. We are working hard to enhance our efforts to proactively detect and keep this kind of activity off our platform, including doubling our safety and security team to 20,000 people this year.”

Also, read: Owning 0.28 BTC Makes you the 1 Percenter of the Future Bitcoin World

Bitcoin scamsters forge CFTC documents

There is still no stopping the Bitcoin or crypto scams. In another instance, CFTC has filed charges against Morgan Hunt and Kim Hecroft for impersonating US regulators and forging the documents to steal bitcoin from investors.

Talking about the charges, James McDonald, CFTC Director of Enforcement shared:

“Increased public awareness of the CFTC’s involvement in policing the virtual currency markets has, unfortunately, provided new opportunities for bad actors. As alleged in the Complaint, Defendants sought to exploit public trust in the CFTC through forged documents purporting to be official CFTC memorandum requiring the payment of a tax on cryptocurrency accounts. The CFTC does not collect taxes. The CFTC is on guard against fraudsters who try to take advantage of the CFTC’s reputation in order to cheat customers, and will take swift action against such misconduct.”

Just recently, J. Christopher Giancarlo, CFTC Chairman stated that the agency is focused on manipulation and fraud in the crypto space while sharing that cryptocurrencies are in fact here to stay.

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Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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