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Bitcoin Scams Impose a "Worrying" Trend, Says Billionaire Richard Branson

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The founder of Virgin Group, Richard Branson, says he's concerned about the growing number of people. Bitcoin scams that use its resemblance to promote fraudulent products and investment systems.

Writing on Virgin's official blog, Branson wrote that although he often praised bitcoin and its potential to disrupt the financial system, it "worries" that so many scams from Bitcoin claim that he has endorsed their arrangements.

"Some of the most regular and worrying false stories currently being broadcast online are false approvals of bitcoin exchange systems," he writes. "Although I have often commented on the potential benefits of authentic bitcoin developments, I do not absolutely condone these fake bitcoin stories."

These particular scams often take the form of false news, falsely alleging that Branson has endorsed or provided financial support for a cryptocurrency investment product or corporation.

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Source: Twitter

In the example above, the creator has clearly the intention to make the reader believe the article was published by Yahoo, although the website address will direct users to a different area.

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Of course, the post has other red flags that should abort users, namely the use of the hideous camel locker "BitCoin" and the red Yahoo logo, that the company has not used for more than two years. decades (although Yahoo Japan still uses a version of it).

Nevertheless, these scams tend to target potential investors who are less technologically savvy and may not immediately identify these warning signs.

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Branson said that the company's legal team has handled "hundreds of cases" of these scams in the last year alone, adding that the company has also been pressuring social media platforms to be more proactive. ]

Cryptocurrency scams have become so prevalent that the US Federal Trade Commission (FTC) is sponsoring a workshop next month to help consumers learn to identify and avoid them. The free event will take place on June 25 at DePaul University in Chicago, and it will also be broadcast live on the FTC's website.

Featured image of Shutterstock.

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