Malta Warns Traders About Global “Bitcoin Revolution” Scam

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The Malta Financial Services Authority (MFSA) warned of a global scam called “Bitcoin Revolution” which is currently being advertised on social media platforms.

The scheme had been in circulation since 10 January and used images of local celebrities maintaining that they have become wealthy through prescribed crypto investments found on site and others.

The MFSA has confirmed that Bitcoin Revolution has no registration or license in Malta and as such has no legal right to offer financial services. The scam is thought to be of the get-rich-quick type, promising wealth within minutes. Local personalities had reported the scheme to the authorities as their images had been used for promotion without permission. A local TV star David Tucci was claimed to have turned a 250 euro deposit into 430 euros in eight minutes using the scheme. He later confirmed that this was simply a generated media hype:

“Please note I have nothing whatsoever to do with this, I have never engaged in such tradings, never did I authorize or approve of such material being published or advertised. This is clearly a scam and click-bait, please don’t buy into this.”

Articles and ads on Facebook had been published to the effect that Tucci had used Bitcoin Revolution to amass a fortune of 2.3 million euros after becoming bankrupt.

The scam may well be new to Malta but it has clearly been doing the rounds for some time, previously known in other guises, more recently as the ‘Online Profit Generator,’ a system created by Anders Thomsen capable of earning its users as much as USD 2765.25 per day through automated online trades.

Recently, TV Chef Jamie Oliver fell foul of the scam when Bitcoin Revolution marketing material said that he was closing down his Barbecoa and Fifteen Restaurant in order to “take over the Bitcoin market,” adding that he had hooked up with Billionaire Virgin entrepreneur Richard Branson to “change the definition of money.”

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