The Malta Financial Services Authority has warned global investors against a scam scheme known as Bitcoin Revolution.
According to the Maltese regulator, the alleged crypto scam represents a typical get-rich-quick scheme, and operates through the website the-bitcoinrevolution.org and several other unnamed websites.
The fraudulent entity also reportedly promotes its scheme by using advertising on unspecified social media platforms that redirects users to pages containing a number of prominent local personalities that claim to make large profits from crypto investments. The warning statement notes users are redirected to those pages without their consent.
The MFSA has stressed that to date no entity is authorized under its Virtual Financial Assets Act (VFA), which was passed in July 2018 to date. The financial watchdog further emphasized that Bitcoin Revolution is neither registered in Malta nor is licenced to provide financial and investment services there.
Following a warning note urging global investors to carefully review a certain financial service operator before investing, the MFSA provided a list of entities licensed by the MFSA that is available on the official website of the regulator.
The Bitcoin Revolution scam was first reported by a number of Maltese local personalities on Jan. 10. According to local media sources, the Bitcoin Revolution scheme was initially found on a website called Major News, depicting two hosts in a local show who claimed that Maltese actor and TV star Davide Tucci turned his 250 euro deposit to 483 euro “within three minutes” by using Bitcoin Revolution.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.