Richard Branson addresses bitcoin scams | finder.com

Richard Branson addresses bitcoin scams

Peter Terlato 4 May 2018 NEWS

These stories often have titles which involve people quitting their jobs and investing in bitcoin tech.

Billionaire British entrepreneur Richard Branson has penned a warning to people against false bitcoin trading schemes which implicate endorsements from prominent business executives and celebrities, such as himself.

In a blog post on Virgin’s website, Branson warns of a growing problem of fake stories online linking him to get-rich-quick schemes, fake pages, misleading ads, false endorsements and fake binary trading schemes.

Some of the most regular and worrying fake stories currently spreading online are false endorsements of bitcoin trading schemes. While I have often commented on the potential benefits of genuine bitcoin developments, I absolutely do not endorse these fake bitcoin stories.

Virgin Group founder Richard Branson on cryptocurrency scams

Branson reveals that these stories often have titles which involve people quitting their jobs and investing in bitcoin financial technology. There are often imitations of news outlets, such as CNN, to feign legitimacy.

The entrepreneur said that these sites are usually promoted as paid advertisements on social media platforms. Branson specifically mentions Bitcoin Trader as a scam website to avoid.

finder.com discovered the fake news below in a simple Google search, purported to be published by CNN Tech.


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“Our legal teams work hard to take down these fake stories or companies misrepresenting us,” he said. “In the last year we’ve dealt with hundreds of instances. We are doing all we can and the police also work tirelessly to shut down the major operations. We also contact the social networks where the fake stories are being spread and urge them to take the stories down and do more to proactively stop them appearing in the first place.”

Branson advises that people “remain vigilant” and check that they are clicking through to legitimate websites.

“See if the story you are reading comes from an official Virgin website. My blog is here and all of my social networks are verified with blue ticks, so you can tell it is really me communicating with you,” Branson said.

The cryptocurrency craze has caught fire in the last few months. Thousands of people sign up daily to buy, hold and trade virtual currencies. Blockchain networks and exchanges that run them are bursting at the digital seams. However, many traders are inexperienced and uninformed, which can lead to errors in judgement.

In order to assist crypto enthusiasts to learn about the burgeoning industry and make better decisions, Crypto Virtual Summit co-founder Amateo Ra recently created and released the Ultimate Crypto Kickstart Guide.
As part of the guide, Ra provides readers a list of the most prevalent missteps crypto market traders can make.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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