(BlockBar) Recently, a scam called “Bitcoin Flaw” appeared on social media Facebook. Sheikh Mohamed bin Zayed, Abu Dhabi Crown Prince and Deputy Chief Commander of the Armed Forces, personally backed a plan to secure wealth within a week through bitcoin transactions. The plan calls for investors to prepay to 1,000 UAE dirhams ($272), claiming that the Bitcoin investment strategy is the way the prince “returns to the people.” The Bitcoin Flaw says this will give investors a net profit of $13,000 a day. The bitcoin flaw have persuaded investors by combining claims about the bitcoin plan with details of the actual economic stimulus package devised by Mr Shaikh. It also used a photo of an American journalist and false statements from Microsoft founder Bill Gates.
The ABU Dhabi media office issued a statement warning the public about possible fraudulent investment schemes, saying government data would only be released through official channels.
A Facebook spokesman told the national: ““Claiming to be another person on Facebook violates our community standards, and we have a dedicated team that’s tasked with helping to detect and block these kinds of scams.”
According to report, the social media facebook reportedly deleted the fraudulent posts after thousands of investors handed over personal information and money to criminals in Ukraine and Argentina.
Facebook became the first major social media platform to ban cryptocurrency-related advertising. The platform said at the time that it would begin a total ban on all ads that promote bitcoin, cryptocurrencies and ICO. Facebook’s ban on all ads related to cryptocurrencies is also intended to protect users from the risks of these currencies.
False claims by celebrities on social media are often used to promote deceptive cryptocurrency programs. Last year, the scammers used the names of famous entrepreneurs Elon Musk, Bill Gates and Richard Branson to spread their false activities. A similar scam was also reported earlier, involving New Zealand TV host Daniel Faitaua. At the time, Faitaua shouted that the Bitcoin scammer pretended to be an illegal cryptocurrency business. He refutes these claims and makes it very clear that he has never owned any bitcoin, and any website that claims to have no bitcoin is completely wrong.
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