Bitcoin Ad Scams on Facebook & Instagram

If you’ve been on Facebook, Twitter or Instagram over the course of the last few years, you will likely have seen your fair share of Bitcoin scam ads. These come in many shapes and forms but some of the ‘effective’ ones are the ones that use celebrities or well known financial experts like Martin Lewis. Lewis has been the face of many of these scams as many people trust his opinion when it comes to their money, or in this case, crypto. 

The latest wave of bitcoin scams comes the aforementioned platform of Instagram. The social media has said that such advertisements do not belong on the network and has plans in motion to improve its detection protocols. 

As per CT:

“While many of these fraudulent crypto investments use fake endorsements, there are also cases where well-known crypto figures publicize such cons as legitimate investments. The presence of such backing seemingly provides legitimacy for otherwise obvious scams that end up siphoning millions of dollars from unsuspecting victims.”

Like we say, Lewis has been the face of many bitcoin scam ads. In 2018, CryptoDaily reported on Lewis saying:

"The impact on peoples mental health of losing their retirement funds, or losing their children's, children's money that they thought they were investing is catastrophic and life-destructive."

He added at the time:

"People who say, 'I've lost all my retirement funds, I don't know how to live, I don't know how to go on.' People crying their eyes out. From my perspective, these people say, 'I only did this because I trusted Martin Lewis.' You can see how I feel about it."

It will be interesting to see how this plays out with the scam ads on social networks in the future. For more news on this and other crypto updates, keep it with CryptoDaily!