Bitcoin Scam Sites Using Richard Branson’s Name

By Khushboo Chadda

Richard Branson is a visionary; some call him the smartest entrepreneur of our century. He believes in renewable energy and although his ideas seem too radical and impossible to many people, Richard is proving them wrong year after year. He has made it his agenda to make the world a greener and better place. Some of his ventures include airlines (Virgin Atlantic), cheaper and publicly available space travel and colonization of Mars (Virgin Galactic) and rapid hype transportation (Virgin Hyperloop One).

However, the latest warning is not so much about the technology or its use, but in particular about his name being attached to marketing materials to attract attention from unsuspecting public.

He had written several times warning people about the growing problem of fake stories online linking me to get-rich-quick schemes, fake pages, misleading ads, false endorsements and fake binary trading schemes,

Cryptocurrency Scams on the Rise

Bitcoin-related online scams aren’t anything new; though using the name of the celebrities or well-known individuals surely seems to be the trend. Last month, BBC’s Dragon Den’s Deborah Meaden and Martin Lewis of MoneySavingExpert were used to duping people out of their money.

The latest addition to this list is Virgin Group founder Sir Richard Branson who calls out to the bitcoin-related online scams that have been using his name to endorse their treachery.

Branson mentioned that there were a different kind of fake ads promoting financial products and services that he had never endorsed before. He has also made clear that he supports genuine Bitcoin developments but he needs to warn about fake crypto-related stories.

If this was not enough, he said that these scams try to create websites similar to well-known news outlets, and there is when people think that these ads are legitimate.

Branson is the founder of Virgin Team, whose portfolio of over 400 providers contains the airline Virgin Atlantic. He has promoted bitcoin and blockchain technological know-how in the previous, which includes through an annual private island summit of marketplace individuals.

Branson singled out a person fraud Bitcoin Trader in an individual. CoinDesk frequented a website promoting the plan, which poses as a CNN Tech article, complete with the outlet’s emblem and formatting if not its copy-enhancing.

Example of Scam

An Introductory video of any trader Bitcoin website is prompting you to type in your first name, last name, and email address. After doing so, you will be taken to complete two more steps. They ask for your email right away in order to send you promotional emails if you decide to exit the page after the second or third step. If you do go ahead and enter your email address, you might as well create another email account, as you will be bombarded every day with emails that go hand in hand with this system. Not only that, but it has been noted that the real founder sells the email addresses he or she obtains from visitors to third parties, ones that are shady in nature.

There is a mention that reflects that the BitCoin Trader platform has been issued an award by the US Trading Association not so long ago. Well, one thing is to say it and another thing is to prove it. Where is the proof? This is the million dollar question at the moment. We conducted further research and thus visited the official site of the US Trading Association, and we found out that no award has been issued to the BitCoin Trader. This is just done to impress every visitor but this is one of the other lies to lure you for investing in their apps.

 

Khushboo Chadda

Khushboo Chadha is a passionate blockchain enthusiast who firmly believes in the extraordinary potential of the technology.

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