Bitcoin Scam Results In A €31 Million Loss

One of the leading countries in the world, famous for the finest wines and cheeses, home of the Eiffel Tower, la France, has been in the news recently but not for the right reasons. The country hasn’t made a stance on where it’s at with cryptocurrency but some of its citizens have been victims of a recent Bitcoin scam according to a recent news report.

Around 700 citizens of France have fallen victim to a recent Bitcoin scam which has resulted in a loss of around €31 million. According to the stock market regulators of France, Autorité des marchés Financiers, people have been lured into the scam since the beginning of this year when Bitcoin and other digital currencies were climbing in price in the market.

Traders were sucked into the scheme through the use of advertisements related to an investment in Bitcoin. The information that was collected through the scams was details such as phone numbers, names etc.

A lawyer who has experience in such matter said:

“Bitcoin is very complex to understand, very technical. Investors do not necessarily understand what is happening but simply say: this time, I do not miss the opportunity to earn money”

This isn’t the first time that online advertisements of Bitcoin have caught people out of money. Just recently a UK ad campaign through the popular social networking site, Facebook caught people out in Britain and scammed them out of their savings

On top of this, Brian O’Hagan, the Marketing Director for Coinhouse has stated that they have discovered over 200 fraud related portals which are designed for luring in traders in the industry for investing into the scam.

However, recent reports have suggested that France isn’t the only unlucky country to have Bitcoin scams. The Belgium government is expecting frauds in relation to the leading cryptocurrency and other digital currencies to exceed the €100 million mark.

Even the popular game Fortnite has had Bitcoin-related scams by using YouTube videos to scam players who are looking for quick hacks to make the game easier for them.

What are your thoughts? Let us know what you think in the comments down below!


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