Bitcoin

Kate Winslet Strikes Bitcoin Scammers – Facebook Ads to Blame?

Many scammers are now using mainstream celebrities and new marketing strategies to scam people into making investments and then ghosting the investors. The marketing strategy for such websites is to lure people into shady deals that they try to pass as credulous by attaching celebrity endorsements. Such a scam, economicsworld.info includes testimonies from Hollywood actress Kate Winslet and the Australian businessman Andrew Forrest.

Kate Winslet Takes Action:

The actress has come forward against these ads, The Mirror a news outlet based in United Kingdom, reported that the actress registered a complaint about her photos being used with these false statements and she plans to take legal action against the party’s response. Her spokesperson told the publication:

This misleading promotion is completely disingenuous and categorically false. We are dealing with this through the appropriate channels

Most of these scammers operate on Facebook, where ads with celebrity faces have become common.  Another such website was bitcoin profit website that used names like Richard Branson, Elon Musk and Bill Gates and lured in hundreds of unsuspecting investors.

The websites run news articles with pictures of celebrities attached. These news articles include their testimonies on how they made money through the website and they encourage everyone to invest as well. The odd thing about these news articles is that they are accompanied by balance sheets of investment, and each investment sheet is same for all celebrities with different currency signs. The balance sheet also claimed over 4,110% return on the investment of $10,394$.

Facebook’s role:

This is not the first time these ads have surfaced on the internet, in the past many mainstream celebrities and business personalities have come forward detesting such ads. Most of these ads are on Facebook and are targeted towards Facebook users. These illegal ads have been a headache for Facebook for quite some time now and despite the company’s best efforts, the problem has not been solved. Lawyers at Facebook are doing everything they can, to find a solution to the problem. However, it is impossible for Facebook to monitor all ads on its platform.

READ ALSO: Facebook Bitcoin Scam Used Crown Prince’s Image – Thousands Affected

In July a Dutch media billionaire John De Mol also sued Facebook for a whopping $1.9 million when a scam using his picture conned a lot of people. The billionaire sued Facebook to pay reparations to the people affected by the scam. The odd about the case was that De Mol was reporting these ads for over a year but Facebook never took them down. The ads have since been removed from Facebook; however, the lawsuit argues that the ads should not have been allowed on the platform at all.

Lawyers representing Mol have asked the court to order Facebook to fix its broken ads scrutiny system. Previously, facebook in 2018 put a ban on ICO and crypto ads citing the following concerns:

We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, many companies are advertising binary options, ICOs, and cryptocurrencies that are not currently operating in good faith.

However soon after the ban was placed, Facebook lifted some part of the ban but kept only ICOs on the block list.

READ ALSO: Coinbase Not Binance Dubbed the “Cleanest” Crypto Exchange

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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