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Why Is This New Bitcoin Scam Using Jeff Bezos as a Fake Celebrity Endorsement?

Bitcoin scammers are at it again, taking the names and likenesses of celebrities like Elon Musk, Richard Branson, Martin Lewis, and Didi Taihuttu and using them in fake ads on social media to drive more victims than ever before to their Bitcoin investment scams.

If you’re an avid user of social media, then there’s no doubt that you’ve seen plenty of ads promising an exciting Bitcoin opportunity. You’ve probably also seen some of those ads claiming to carry the endorsement of Amazon founder Jeff Bezos. These ads are actually fake, though, with scam operations like Immediate Edge taking celebrity names and using them to trick people into losing their hard-earned money.

Bitcoin has been an exceedingly rich area for scammers ever since its inception in 2009. As its value has grown, so has the number of scams plaguing social media and other online platforms. In many cases, it isn’t clear just who is responsible for regulating and taking down these ads, so they manage to stay up. This has countless victims losing money to Bitcoin scams every day in countries around the world.

Why Have Scammers Chosen Jeff Bezos for Their Fake Ads?

Jeff Bezos is well known for his extravagant wealth, having dueled back and forth with Elon Musk for the title of the world’s richest man. While Jeff Bezos currently sits in second place, his success through Amazon has his net worth sitting at over $150 billion. Scammers know that if they convince someone that Jeff Bezos is in on their Bitcoin opportunity that his track record of shocking success will be more than enough to lure in victims.

The supposed Bitcoin opportunities claim to provide investors with a once-in-a-lifetime opportunity to make massive returns with no risk. The fake endorsement from Jeff Bezos lets them believe that they’ve found something ahead of everyone, the same way that Jeff Bezos was ahead of the curve in online shopping with Amazon. However, all of these ads and fake endorsements are directing people to a scam that provides no returns whatsoever.

Scammers Are Making Countless Fake Celebrity Endorsement Ads

Jeff Bezos is a very common sight in these fake endorsement ads, but he’s not the only celebrity that sees use. Other examples include Elon Musk, Richard Branson, Martin Lewis, and Didi Taihuttu and his Bitcoin Family. These are all very rich individuals, many of whom have direct connections to Bitcoin or other crypto projects. This makes people more likely to believe fake celebrity endorsements and end up losing a lot of money dealing with scammers.

Other Ways Scammers Take Your Money

You can avoid many scams by simply not following any ads featuring celebrity endorsements on social media. However, that’s not the only way that scammers can fool you. These other examples of Bitcoin scams are just as prevalent and equally dangerous:

  • Spoofed websites are a very common Bitcoin scam, convincing you that you’re visiting a reliable exchange when it’s really the scammer’s website.
  • Bitcoin scams can take money from new investors to make it look like they’re paying out old investors based on profits, taking the classic Ponzi scheme to the digital world.
  • The next great cryptocurrency you find to invest in might not really exist. Plenty of new projects are actually scammers planning to disappear with your money.
  • Viruses, malware, and other cyber threats can let scammers gain access to accounts and details to steal your cryptocurrencies or even actual money from your bank account.

A Few Simple Precautions to Avoid Bitcoin Scams

According to industry websites like Scam Crypto Robots there are more Bitcoin scams out there than seems possible, with Immediate Edge and other sites operated by the same scammers making up just a minor fraction. Including all types of financial fraud, the UK loses £190 billion each year based on National Crime Agency numbers. You need to take these steps to protect yourself from becoming another victim:

  • Don’t let scammers rush you into their trap. Always take the time to do your research, including checking scam reporting websites.
  • Only invest with reputable organizations or groups whose location and identity you can verify.
  • Don’t let high numbers dazzle your senses. Scammers will almost always make impossible promises to lure their victims.
  • Know that every investment carries risk, and legitimate opportunities will always tell you the same. Anyone claiming zero risk on investment is lying to you and is likely a scammer.

julia
Julia is a Cryptocurrency enthusiast, is responsible of communications and the PR department of Crypto Economy. Self-taught and eager to learn day by day about the world of blockchain and cryptocurrencies.
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