MFSA: New “Bitcoin Future” Scam Shows “Same Deceitful Characteristics” as Bitcoin Revolution

  • Many of these scams involve false advertisements that lead to the scammer’s URL.
  • The MFSA recently issued warnings for both Bitcoin Future and Bitcoin Revolution.

Scams in the cryptocurrency industry are fairly common, but these cyber criminals often come up with ways to deceive the public in ways that they haven’t before. However, a new scammer named Bitcoin Future appears to be taking a page out of Bitcoin Revolution’s book. Bitcoin Revolution, a separate scam, resulted in two warnings from the Malta Financial Services Authority last year, and Bitcoin Future has just received the same.

The MFSA stated that the Bitcoin Future scam is showing “the same deceitful characteristics” as a previous scam. These types of operations often pop up over and over, concealing themselves at advertisements with different names to avoid exposing themselves.

Many of these advertisements have false slogans, promising unique opportunities and life improvements with their URLs.

In this situation, the MFSA explains;

“Bitcoin Future is promoting itself by means of fake news articles which misuse images of local personalities and images of local government institutions. The fake articles are advertised on various social media platforms and falsely claim to be linked to these individuals.”

To ensure that there is no confusion, the MFSA stated that Bitcoin Future has not been registered with the government, nor is it allowed to offer financial services within the country. While the company claims that it operates under Article 62 of the Virtual Financial Assets Act in Malta, the watchdog clarifies that this statement is also untrue.

Overall, the regulator states that Bitcoin Futures is advertising itself as a “get-rich-quick” plan, and they are hoping that the public will not interact with the scam at all, which they state in their warning.

The notice to the public also offers a list of all of the financial service entities that the MFSA currently licenses, allowing consumers to see for themselves that the company is not on it. Consumers can also refer to the link to see the list of scam detection guidelines, and a point of contact as a resource for scam alerts and the victims impacted.

A strategic plan was published in September by the MFSA, showing how the entity aims to monitor and managed the risks associated with cryptocurrency platforms. The outline, which covers through 2021, states that the entity plans to take a modern approach, working with the national and international authorities on the matter. Some of the authorities specifically mentioned were the Financial Intelligence Analysis Unit and the Malta Digital Innovation Authority.

The MFSA appointed CipherTrace for the monitoring of crypto-related business activity in the country this month, aiming to fight against money laundering and the financing of terrorism.

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