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Beware of ‘Bitcoin Revolution’ Scam- Malta Financial Services Authority (MSFA)

Since the introduction of cryptocurrencies, the world of hacking and scams has opened up to great extents. We either witness numerous security breaches and hacks or fake ICO’s and whitepapers that ultimately contribute to some kind of fraudulent activity, causing people to lose their funds. Just like many other scams, it was brought into the light that the Bitcoin Revolution is nothing but a scam.

Recently, Malta Financial Services Authority (MSFA) disclosed the true merits of “Bitcoin Revolution” by regarding is a cryptocurrency scam. MSFA warned the general public to refrain from indulging in the activities that linked “Bitcoin Revolution”. It was stated that “Bitcoin Revolution” was an international “get-rich-quick” scam. MSFA explained that several websites were used, in addition to the official website, to manipulate people.

Besides that, MSFA suggested that the official website for “Bitcoin Revolution” linked to several local personalities and accused them of using the cryptocurrency and even making profits out of it.

MSFA clarified that the bitcoin revolution was not a licensed or registered company allowed to offer investment or financial services. Moreover, all the people were urged by the MSFA to scrutinize the details of the entity before performing an investment or transaction. It must be checked that entity is authorized by MSFA or any other financial regulatory authority to endow the services requested by the user.

In the past, Maltese celebrities that included two hosts, Wayne Sammut and Elaine Degiorgio, and, an actor, Davide Tucci reported to the police when they noticed that their names were linked with the crypto scam, bitcoin revolution. A news report continued the false claims made related to Tucci. According to that news report, Tucci managed to convince Degiorgio to spend about 250 euro on the bitcoin revolution which later turned into profitable 483.18 euro that prevented Degiorgio from getting bankrupt.

Cryptocurrencies are struggling as the market has been down for quite some time. Under these circumstances, startups and projects that are nothing but cryptocurrency scams deprive cryptocurrencies for support of mass adoption.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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