Just when you thought crypto scammers couldn’t get any more audacious, a fake bitcoin investment scheme called ‘Bitcoin Code’ or ‘Bitcoin Profit’ has taken the biscuit.

Promising a 4,000% return on investment, the scammers are using fake celebrity endorsements and interviews to lure unsuspecting members of the public to part with their valuable cash.

The crooks behind the scam have faked testimonies from British actress Kate Winslet, and Australian businessman Andrew Forest, and claimed the scheme is backed by the likes of Bill Gates, Elon Musk and Richard Branson.

Going that bit further than many scammers, each fake celebrity endorsement comes complete with a photograph, an alleged balance sheet showing their Bitcoin Code/Profit investment and returns, and in Winslet’s case, a story about a ‘BBC interview’ where she revealed the scheme was her number one source of income.

Obviously, all ‘endorsements’ are completely fraudulent and the celebrities and business people involved have made it clear they have absolutely nothing to do with the scheme.

AYO.NEWS says:

Despite the best efforts of law enforcement, regulators and legitimate companies, scams like this still plague the cryptocurrency world. Just a few weeks ago we reported that the Malta Financial Services Authority had issued a warning about the reappearance of an entity calling itself ‘Bitcoin Revolution’ (read more).

However, it should be remembered, scams also plague the online and offline world in general. How many times do you hear, for example, of people being tricked into revealing bank account information by clever scammers via traditional phone calls?

Given the fact that, short of a global super state under 1984-style surveillance 24/7, there will always be somewhere for such scammers to hide, the only realistic solution is education. After all, the fact that people are falling for such schemes shows a complete lack of even the most basic understanding of Bitcoin or investments in general.

So, despite the mainstream media feasting on these stories like sharks eating the floating carcass of a whale, its critical to keep things in perspective.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.