What is the Dragon's Den Bitcoin scam?
BITCOIN scammers have been using images of stars from the hit TV show Dragon’s Den to lure unsuspecting investors into parting with their money.
Their images and false quotes have been used to lure people into a get-rich-quick Bitcon con on websites and social media.
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What is the Dragon's Den Bitcoin scam?
There are a number of Bitcoin and cryptocurrency scams that use celebrities along with fake quotes pretending to show the famous faces have backed the scheme but are no more than a scam to get your money.
Dragon’s Den stars Deborah Meadon and Peter Jones have fallen foul of this practice.
Unsuspecting investors make deposits into a trading account that is set up by the fraudsters and then they are given access to convincing-looking trading platforms.
In one alleged scam it was falsely claimed Meadon had deposited £250 to Bitcoin Revolution live on the BBC show.
Meaden was quoted as saying: “I'm still in shock, I deposited £250 live on the show and it immediately returned a £73.18 profit after just 3 minutes. That is the biggest and fastest return I've ever seen after 3 minutes. This thing is legit.”
However, Bitcoin Revolution has been debunked as a scam.
A reporter for Cytpo Coin Spy said: “Bitcoin Revolution is a scam.
“Anyone familiar with the cryptocurrency market, the scam is painfully obvious and reeks of the kind of ridiculous hyperbole and unlikely endorsements that would never be seen in a genuine investment opportunity.
“Unfortunately, however, there are many thousands of naive and unseasoned investors out there who are all too willing to get a piece of the Bitcoin pie.
“Through them, it is believed the scam has claimed many thousands of dollars in stolen investments.”
What have the Dragons said about Bitcoin and cryptocurrency?
The scam ads are often placed on social media sites as well as other websites.
They use the celebs' images to promote the fraudulent investments.
Clicking on the advert takes you to the fraudster's website where the pictures are used again – along with fake quotes recommending that you invest in the scheme.
You might also be asked to input your contact details, which the fraudster will then use to phone you and try and persuade you to invest.
Meaden has said in the past: "With the growing sophistication of online fraud, it becomes increasingly important to carry out checks before parting with cash online.
"A quick Google search will often reveal the truth and all online advertising should be read set against the premise of 'If it looks too good to be true then it probably is’.”
In June 2021 it was revealed Holly Willoughby was the most used face when it comes to conning people out of their money.
Pictures of the 40-year-old hosting This Morning also appeared on two bogus websites last month, with fake quotes implying she had invested live on air.
A source said previously: “Holly has nothing to do with this scurrilous scheme and it’s dreadful that con artists think they can scam innocent people out of cash using tactics like this.
“The website looks completely convincing and it is not surprising people think it could be legitimate.”
The con — headlined Brexit Millionaire — said readers can automatically trade in Bitcoin markets to make big profits.
Some of Britain’s biggest celebrities have been unwittingly used in similar adverts online — including money guru Martin Lewis, 49, the Duchess of Sussex, 39, Lord Alan Sugar, 74, and Gordon Ramsay, 54.
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