Blockchain News

The MFSA Advises to Watch Out for “Bitcoin Revolution” Scam

  • 28.01.2019
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On January 25 the Malta Financial Services Authority (MFSA) published an official statement to warn people about a worldwide scam scheme called “Bitcoin Revolution”. We are not talking about the movement here. Bitcoin Revolution is the name of the “company”.

MFSA advises investors and the general public to refrain from carrying out transactions or doing any kind of business with the company known as Bitcoin Revolution.

We have seen plenty of get-rich-quick scam schemes over the past few years. These scams started popping up more often since cryptocurrencies went mainstream and more regular people now own bitcoin or other kinds of cryptocurrency. It is a whole new easy playing field for scammers because most cryptos are anonymous and can’t be tracked to an individual, making it easier for a criminal to steal funds and not risk being exposed.

The Maltese regulator thinks that Bitcoin Revolution is a get-rich-quick scam. It operates through the-bitcoinrevolution.org as well as some other websites that were not named in the document. Reportedly the fraudulent company advertises its scheme on social media. Users are redirected to pages that contain pictures of local celebrities with statements claiming that they gained substantial profits in a short period of time thanks to participation in the scheme mentioned above.

Beware of fake news stories

First reports of the Bitcoin Revolution scheme surfaced on January 10. Local media revealed that the scam was found initially on Major News website. The published story showed a picture of two presenters in a local TV program claiming that Maltese TV star and actor David Tucci used €250 to make a €233.18 profit in 3 minutes. Shortly after David released a video statement on his Facebook page confirming that his image was used without his consent. He also said that he does not endorse Bitcoin Revolution in any shape or form.

The government submitted a report to the police to investigate websites publishing fake stories endorsing the Bitcoin Revolution. The Maltese government also said that they are taking this situation very seriously because such fake articles are damaging the work the government is doing in the blockchain sector.

The MFSA said that entity known as the Bitcoin Revolution is not registered in Malta and does not have a license to provide investment and financial services. Also, the financial watchdog released a list of all companies currently licensed in Malta. Check it before signing up for another scheme claiming to have Maltese license. There are plenty more scammers out there who will try to take your money.

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