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Move over Twitter: Crypto Scams Have Infiltrated Facebook
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Move over Twitter: Crypto Scams Have Infiltrated Facebook

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Crypto bitcoin scam

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While cryptocurrency-related scams are commonplace on Twitter, Facebook users have started being targeted by scammers with fake cryptocurrency ads.

Facebook Users Targeted with Fake Crypto Ads

Twitter has been widely plagued with cryptocurrency-related scams, typically through phony giveaways that lure users into sending crypto in exchange for a larger sum. The scam is so frequent and so commonplace, that scammers may have reached a level of saturation on that social media platform, and have since turned to its social media rival, Facebook.

A string of sponsored ads promoting a fake cryptocurrency has been spotted on Facebook. In this particular scheme, the cybercriminals behind it aren’t looking to steal cryptocurrencies from Facebook users, they’re trying to gain access to sensitive user data, including credit card information.

Hard Fork says the ad redirects users from Facebook, to a site mimicking CNBC, which does indeed report on cryptocurrencies like Bitcoin and Ethereum. The site offers Facebook users the chance to get in on a “big investment opportunity” and provides info on a fake cryptocurrency called CashlessPay.

Related Reading: Facebook Has a Change of Heart, Reverses Ban on Crypto Ads

The website also features all of the common red flags the U.S. Securities and Exchange Commission (SEC) points out on their HoweyCoins educational website designed to teach investors how to spot fraudulent initial coin offerings (ICOs). These signs include a celebrity endorsement by British serial entrepreneur and investor Sir Richard Branson, and the promise of turning “today’s breakfast money” into “something big within a week.”

Clicking through the counterfeit CNBC site leads to the CashlessPay fake crypto site itself, and completing the registration process further sends users down the scam’s rabbit hole to phony cryptocurrency exchanges hosted in Bulgaria.

Facebook May Regret Its Move to Reinstate Crypto Ads

At the start of the year, Facebook, Google, and others banned cryptocurrency-related ads outright – fraudulent or legit – from their advertising platforms. The move was highly controversial, and many point to the ban as what kicked off the current bear market.

However, back in June, Facebook updated its advertising policies to allow some pre-approved cryptocurrency advertisers to market on the popular social media platform. It appears that somehow scammers have found loopholes in Facebook’s policy.

Related Reading: Twitter on the Defensive, Blames Third-Party App for Recent Scams

One such way the scammers are able to spread their message via sponsored ads, is through existing popular accounts similar to what happens on Twitter.

There, a prominent user’s account – such as Elon Musk, CEO of Tesla – is hijacked and used to dupe users. In this case, musician Jonatanas Kazlauskas’ page was used to promote the scam. At this time, though, it is not clear if Kazlauskas’ 7.4K follower page was compromised or if the musician is directly involved in the scam.

Twitter has been plagued with similar scams throughout the year, and has mostly been defenseless against the swarm of scammers preying on social media users. Twitter recently said it had implemented some new security measures, which may have caused some scammers to seek Facebook as a new hunting ground.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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