Bitcoin Scam Uses Paul McCartney For Fake Celebrity Endorsement
Bitcoin may be on the rise, but so are Bitcoin scams! This time con artists have decided to use the name and reputation of Paul McCartney to promote a get-rich-quick scheme named Bitcoin Evolution. According to various industry watchdog sites, viewers who have been exposed to this latest scheme claim they have been harassed by offshore CFD (Contract For Difference) brokers who will do almost anything in order to defraud unsuspecting victims by making fake claims about how easy it is to generate profits on auto-pilot using this software.
Exaggerated Claims Of Easy Money!
In the fake news promotion, viewers are immediately drawn to a very aggressive sales pitch which states that “Paul McCartney Releases Financial Loophole To All British Citizens!” If this sounds a bit fishy to you then you guessed correctly. The truth is that McCartney has never heard of the Bitcoin Evolution and neither have all the other celebrities which have been used to promote this scam. It’s been reported that Martin Lewis, Bear Grylls, and even Daniel Craig have been used to promote this fraudulent trading software (among others).
Why Is This Happening?
The Forex industry is dominated by affiliate networks and media agencies who are responsible for referring paying customers. Once customers register, they are allocated a specific campaign ID which traces back to the referring entity. After investors fund a trading account the affiliate networks receive hefty referral commission according to what is commonly referred to as a revenue or profit share scheme. These amounts are staggering and can even reach as much as $1,000 per investor. With these kinds of numbers it’s no wonder affiliate marketers will say anything to get potential victims signed up.
Why Are Celebrities Constantly Used?
Celebrities are known to be used for fake endorsements not just in Forex and Crypto schemes, but also in the health and beauty industry. In fact, anything which can be affiliated online and generates profits for online promoters can be exploited in a similar way. This is happening because most people relate to celebrities in a certain way and recognize them immediately. This makes the sales pitch much more believable, but also more lucrative for the promoters since it helps them boost sales.
What Are The Authorities Doing To Curb This Trend?
Not very much! Every now and then we see an investor alert in the FCA or similar financial licensing entities. But this is not very effective at deterring the criminals from operating these schemes. If they feel something is no longer working for them, they simply switch a celebrity and graphic design and start over. One also has to factor in that these affiliate networks are international organizations and operate under different names and legal entities. Something which makes tracking them that much more difficult.
What Are Bitcoin Trading Robots?
Bitcoin Evolution is marketed as an automated trading app which executes trades for you without any need for human intervention. This seems very appealing to most people, especially if they are inexperienced or have no background trading in the financial markets. In fact, it’s quite obvious that the scammers are targeting amateur traders and various opportunity-seekers who are looking for an easy way to make a quick buck. Educated traders will never invest with systems which are not back-tested or at least have passed some kind of screening process by a professionals.
Is It Really Possible To Make Money With Bitcoin?
The short answer is yes, but there are also many ways to lose money with virtual currencies such as Bitcoin or Ethereum if you are reckless and don’t evaluate the facts in a clear and focused manner. Many investors usually start losing their initial trades, and instead of sticking to a strategy they resort to emotional trading. That’s when they realize they made a huge mistake, but by then it’s already too late and the money is gone.
How To Avoid Getting Scammed?
Generally speaking, if it sounds too good to be true it usually is. Secondly, it’s always recommended to conduct proper research, and if you are unsure or hesitant about a certain system or service just ask a friend or relative. In most cases people who care about you will give you an honest answer and that is exactly what you need to hear before risking your money.