The Financial Services Authority (MFSA) has issued a warning against an alleged global scheme known as “bitcoin Revolution,” according to an official published today, Jan. 25.
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 in July 2018 to date. The financial watchdog further emphasized that bitcoin BTC 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 licensed by the MFSA that is available on the official website of the regulator.
The bitcoin BTC Revolution scam was first by a number of Maltese local personalities on Jan. 10. According to local media sources, the bitcoin BTC Revolution scheme was initially found on a website called Major News, 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 BTC Revolution.
Published at Fri, 25 Jan 2019 17:56:00 +0000