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

New warning issued by the Malta Financial Services Authority about a crypto ponzi scheme by the name of 'Bitcoin Future' that appears to have the same deceitful marketing gimmicks as the Bitcoin Revolution offer.

  • 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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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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