Scammers Impersonate Australian Entrepreneur in Fake Crypto Scam

The target? Dick Smith, a 76-year old aviator, and political activist. The perpetrators placed ads of Smith on several web sites, including the Professional Pilots Rumour Network (PPRuNe), writes the Australian Business Review. Smith holds several world aviation records, including the first solo trans-Atlantic crossing by helicopter in 1982. He was naturally targeted for his high-profile status.

Not So Crypto High-Flying

To make matters worse, Smith’s fake endorsements even appeared in the local Guardian newspaper, forcing the aviator to take legal action when no other option was available. Smith’s legal counsel, Mark O’Brien, engaged with editors at the outlet,

While we acknowledge that The Guardian Australia does take the fraudulent advertisements down once notified, that does not prevent your Australian readers from falling victim to this prolific cryptocurrency scam

The scheme is somewhat unique to the crypto space, given the flood of scammers that invade social media, primarily on Twitter. In this case, the tricksters appeared to have done their homework by targeting forums where Smith himself posts regularly. The aviation industry, like most others, has buckled under the economic pressure of coronavirus. Australia’s largest airline, Qantas, laid off thousands of workers in June. Some of the fake ads promised unrealistic returns within days, and Smith worried the false promises would harm not only the financially strained, but his reputation too. O’Brien has given The Guardian two weeks to respond to the request, after which legal action will likely follow,

If we do not receive a satisfactory response within 14-days of the date of this letter, our instructions are to commence defamation proceedings against The Guardian Australia and its related entities

Australia has witnessed a notable uptick in crypto scammers in recent times. Conman Peter Foster allegedly swindled $1.73 million in bitcoin through his own identity theft efforts. Law enforcement tackled Foster on a beach after finally tracking him down.