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A previously known bitcoin scam has reappeared in Malta under a brand-new name.

Malta’s Financial Services Authority (MFSA) issued a warning that the entity known as “Bitcoin Future” is displaying the same characteristics as the scam known as “Bitcoin Revolution”. Bitcoin Revolution is nothing new in Malta and MFSA has already issued two public warnings.

Both scams appear to follow the same strategy – appear as adverts on various websites while constantly changing their names and logos in order to avoid detection.

Bitcoin Future uses previously known false adverts

The adverts are also targeted exclusively towards Maltese IPs and some of the messages are “A better way to build your life” and “Unique opportunity for Maltese”. MSFA reveals that the bitcoin scam follows a well-known pattern:

“Bitcoin Future is using mostly fake news articles to promote itself. These articles most often contain images of local personalities and/or images of local government institutions. The fake news articles are mostly shared on social media platforms by an armada of fake and constantly-deleted accounts which claim to be linked with the institutions or individuals in the article.”

MSFA also reveals that Bitcoin Future is in no way an authorized Maltese company. Therefore, it’s not authorized to provide any form of financial services. The origin of the scam remains unknown, but it’s not the first international “quick money” scam aimed at the public of a country.

MSFA also provided a list of all the financial services entities currently licensed by it. Additionally, MSFA also shared its scam detection guidelines.

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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