Crypto Scammers Use Fake News and Celebrity Endorsements to Deceive Investors in India

by

As a seasoned crypto investor who has navigated through the digital jungle of blockchain for years now, I’ve seen more than my fair share of scams and deceptions in the crypto world. The latest attempt to dupe unsuspecting investors using the identity of a well-known figure like Anant Ambani is nothing new but still as alarming.

Scammers involved with cryptocurrencies frequently employ tactics designed to mislead people, such as taking over popular figures’ social media accounts or creating websites that mimic authentic ones. An uncommon yet effective strategy they sometimes use is manufacturing false news articles to deceive users. A prime example of this occurred in India when bogus news surfaced claiming the son of Indian tycoon Anant Ambani had endorsed a cryptocurrency investment platform, which was not true.

Scam artists enhanced their deception by creating a bogus BBC news article, which they falsely attributed to ex-BBC journalist Jane Wakefield. This fabricated piece erroneously stated that Anant Ambani had endorsed an investment platform for cryptocurrency named “Everix Edge,” asserting it would provide substantial returns in minimal time. These fraudsters distributed this fake news through a hacked X account, including the BBC logo, convincing headline, and design elements to mimic the genuine BBC website layout, all aimed at making their counterfeit site appear authentic.

When users clicked on the article, they were taken to a webpage that looked like the BBC’s website but was actually fake. Besides the logo and layout, this counterfeit site had unclickable components, such as the BBC logo, top panel, and subtopics, that slightly deviated from the genuine BBC site. The only clickable link on the page directed users to a dangerous cryptocurrency trading platform called “Everix Edge”. This platform asked for personal details like name, address, email, and phone number, which were then misused to scam people.

How Scammers Use Lookalike Websites to Lure Victims

According to ABP Live’s findings, there’s no evidence that Jane Wakefield published such an article on the BBC’s site, nor any credible news piece suggesting Mukesh Ambani endorsed any investment plan. The supposed article falsely attributed a controversial quote to Ambani, claiming he said “poverty is a choice” and advised people to explore new income opportunities.

In a fictional dialogue, Ambani apparently presented Everix Edge, characterizing it as an investment platform capable of yielding millions from a starting investment of around $30 within 3-4 months. Everix Edge boasts of utilizing blockchain and AI to capitalize on price discrepancies across significant stock exchanges, yet it employs false endorsements from prominent individuals. The website demands users to register with personal details like name, address, email, and phone number, which are later exploited for fraudulent activities.

This bogus article isn’t a solitary incident; similar deceptive practices have been popping up online since May 2024. In an attempt to tackle this problem, the Delhi High Court has previously ordered the deletion of posts advertising fraudulent ventures on platforms such as Meta and X, and also requested that connected websites be blocked. Unfortunately, these measures have only had partial effectiveness, as con artists swiftly move to new web addresses, ensuring their deceitful activities continue.

As a researcher delving into the realm of cryptocurrencies, I’ve noticed that despite the efforts by Indian authorities to curb crypto-related frauds, the task remains daunting. The continued prevalence of these scams underscores the importance of enhancing our online security infrastructure and fostering public understanding about the potential risks inherent in digital investments.

Read More

2024-11-05 18:48