Prince Harry and Meghan Markle are the latest celebrities to have their names hijacked to promote cryptocurrency scams.
Fake ‘Celebrity’ Cryptocurrency Scams
The recent scheme involving the Duke and Duchess of Sussex has been floating around on the internet and luring in victims.
Fake quotes from the royal couple mention a ‘wealth loophole‘ which involves cryptocurrency trading. [Mirror] The claims say that the loophole can ‘transformed anyone into a millionaire within three to four months.’
The scam was promoting a scheme called Bitcoin Evolution, which the endorsement claims is an auto-trading program and the royals’ ‘number one money-maker.’
“We urge everyone to check this out before the banks shut it down,” the scam reads. The so-called ‘wealth loophole’ was advertised on multiple platforms including Duolingo.
Not the First, Not the Last
This is not the first time fake endorsements have surfaced have been falsely linked to celebrities promising ‘guaranteed returns’ on cryptocurrency investments (and it certainly won’t be the last).
In September 2019, BeInCrypto reported that scammers were using fake quotes from actress Kate Winslet to promote fraudulent get-rich-quick schemes. In November 2019, ads were removed which fabricated endorsements from a Dutch billionaire to promote cryptocurrency-related scams. In Canada, scammers even went as far as impersonating police officers to swindle victims out of money.
Although these ads were removed once discovered by authorities, they often go undetected for some time. It is unclear how many have had their funds stolen through such scams. For the time being, there are no details about whether there were any victims associated with the most-recent scam involving the Duke and Duchess of Sussex.
Traders should always be wary of celebrity endorsements and double-check if they are true on official channels. If something sounds ‘too good to be true,’ then it probably is.