fbpx

Daily fraud update: 5th February

Denise Jacksone

Elon Musk wades into Bitcoin fraud debate

Entrepreneur Elon Musk has taken to Twitter to express his views on the topic of crypto fraud.

Musk, who runs the innovative car firm Tesla as well as the company SpaceX, used the social networking site to claim that levels of such fraud were rising dramatically.

“The crypto fraud level on Twitter has reached a new level”, he wrote on Saturday.

“That’s not cool”, he added.

Musk, who has over 30m followers, received a range of feedback on his post.

It picked up over 2,000 likes and was retweeted 170 times.

He was replying to a post from an account called Niche Gamer, who claimed: “Even verified accounts are now being hacked and pushing fake bitcoin scams.”

Users also sent Musk a range of replies.

“They need to get rid of all these fake bots”, wrote one.

When asked by another user what Musk believes could be done, he replied with a range of advice.

“Report as soon as you see it”, he said.

“Troll/bot networks on Twitter are a *dire* problem for adversely affecting public discourse & ripping people off.

“Just dropping their prominence as a function of probable gaming of the system would be a big improvement”, he added.

He also drew a distinction between the response of social networking sites to crypto fraud and the response of search engines – which, he appeared to imply, had done a better job of tackling it.

“This was a huge problem for search engines until Google applied the citation relevance principle aka PageRank, among many other things”, he said.

“Trolls/bots just need to be deemphasized relative to probable real people who aren’t being paid to push an agenda or scam.

“Google still shows bs/scam pages, they’re just several clicks away”, he said.

Ugandan government warns people off Ponzi schemes – and crypto

The Ugandan Ministry of Finance has urged people in the country not to invest in cryptocurrency schemes while also urging them off Ponzi schemes.

Press reports say that the country’s Minister of State for Finance, David Bahati, claimed that there should be outright avoidance of crypto.

“To that end, we have continued to advise the public to desist from investing in crypto-currencies, since they are yet to be supervised and regulated in Uganda”, he said.

He also encouraged people in the country to invest only in properly-regulated schemes.

“We have therefore strongly encouraged the members of the public to do their business transactions with only licensed financial institutions”, he added.

However, he did appear to indicate that he was aware of what the differences are between cryptocurrencies and Ponzi schemes.

“As I stated earlier, it is important to note that Ponzi and Pyramid schemes are fraudulent investment scams promising high rates of return of between 30% & 40% with little or no indication of risk to investors”, he added.


Denise Jacksone

Latest news

British cryptocurrency trading platform shut down
A cryptocurrency trading platform that lied about its celebrity backers has been closed down by an arm of the British government. Read more
Assessing if an online broker might be fraudulent
  Introduction There is a myriad of online brokers, under different regulatory environments to choose from, and it is expected that they will represent your best interests as a fiduciary. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#4 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#5 HYCM LogoYour capital is at risk Founded: 1977

    Forex Fraud Certified Brokers

    City Index Logo
    ROinvesting broker logo
    HYCM Logo
    OctaFX Logo
    ATFX Logo
    FXTM Logo
    Plus500 Small Logo
    Swissquote logo
    LegacyFX Small Logo
    VantageFX Small Logo
    Oanda Small Logo
    Oinvest Small Logo
    Pepperstone
    Exness Small Logo
    XM Logo
    iTrader Logo
    XTB Logo
    IQ Option Logo
    Forex.com Logo