Please watch out for the Crypto Boom scam involving fake celebrity endorsements, and warn your family and friends!
Crypto Boom Scam Alert : Fake Celebrity Endorsements!
You may have seen advertisements and posts on Facebook and Twitter, claiming that certain celebrities are sharing the secrets of their success.
Here is a recent example involving Jono Armstrong and Tony Fernandes. It’s an extremely long post, so feel free to skip to the next section for the facts!
NEWS THAT SENT SHOCKWAVES: Jono Armstrong And Tony Fernandes Partnership Is Shaking The Financial World And Big Banks Are Terrified
Big banks are loosing their chokehold of the financial markets. Malaysian citizens are from what private investment banks want off the market. Is it a real deal?
Crypto Boom : Yet Another Cryptocurrency Scam
Crypto Boom appears to be yet another “automated trading app”, claiming to use a trading robot to generate “daily ROI of up to 60%”.
Cryptocurrency is unregulated, and these cryptocurrency trading apps are of unknown provenance and ownership.
So unless proven otherwise, you should consider such cryptocurrency apps as SCAMS, including Crypto Boom for these reasons…
Fact #1 : That Malaysiakini Article Is Fake
There is no such Malaysiakini article. It’s completely FABRICATED. You can search Malaysiakini’s website if you don’t believe me.
The website it made to look like Malaysiakini, but does not have a Malaysiakini link, but an AWS cloud server link.
The Malaysia2022 website does not even exist. The only page on that server slice appears to be that MalaysiaJono.html page.
Fact #2 : Tony Fernandes Never Partnered With Jono Armstrong
As far as we can tell – Tony Fernandes has never met Jono Armstrong, much less partnered with him to bring Crypto Boom to Malaysia.
There was no such interview of Tony Fernandes and Jono Armstrong on Selamat Page Malaysia. Neither was there ever a threatening call by Farid Alias – the Group President and CEO of Maybank.
Fact #2 : Crypto Boom Is A Technology, Marketing + Advertising Service
While Crypto Boom claims to be an automated trading software that can give you “an average daily ROI of up to 60%“, their fine print states otherwise.
If you scroll down to the bottom of their official website, they clarified that they are merely a “technology, marketing and advertising service“.
They also clarified that they are “only used as a marketing tool by third party advertisers and brokers to receive more customers“.
Crypto Boom also warned, in their fine print, that when you sign up – “a broker is automatically assigned to you“, but that “it is your obligation to check if the Broker applies to all local rules and regulations“.
Crypto Boom is a software created by a development company and does not provide investment or brokerage services.
Crypto Boom does not gain or lose profits based on your trading results and operates as a technology, marketing and advertising service.
Crypto Boom does not operate as a financial services firm and is only used as a marketing tool by third party advertisers and brokers to receive more customers. When you signup to Crypto Boom a broker is automatically assigned to you.
It is your obligation to check if the Broker applies to all local rules and regulations and is regulated in your jurisdiction and is allowed to receive customers from your location. If you find out the Broker that was assigned to you is not duly regulated in your jurisdiction please contact us using the support menu in the software.
Fact #3 : No Celebrity Has Endorsed Crypto Boom
You may see other variants of this fake news, localised to the media in your country, with different celebrities endorsing Crypto Boom.
The truth is – no celebrity or business person of any note has ever publicly endorsed Crypto Boom.
If you do a quick online search, you will note that those celebrities have never mentioned Crypto Boom, much less endorsed it.
The fake story claims that Crypto Boom is backed by Richard Branson, Elon Musk and Bill Gates among others, but Crypto Boom themselves admitted that all those “rumours” are false.
The picture of Richard Branson and Bill Gates that was used in the fake Crypto Boom article was not taken at CES 2022. It was taken at the Grand Challenges Annual Meeting, in London on 26 October 2016.
This is the same kind of fake celebrity endorsements that drive the marketing campaigns of other cryptocurrency scams like Bitcoin Revolution.
Fact #4 : SEC Warned About Such Scams
Many financial regulatory agencies like the SEC are warning investors and the public about fraudulent digital asset and “crypto” trading websites.
There have been many cases of people getting defrauded by such “get rich quick” schemes, including pump-and-dump and rug pull scams.
The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. These websites often contain “red flags” of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.
SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.
After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether. These fraudsters can quickly send your money overseas, with little chance of you being able to get it back. Sometimes the fraudsters direct investors to pay additional costs (such as purported taxes) to withdraw fake “profits” earned from the investment. This is an example of an advance fee fraud scam, where investors are asked to pay a bogus fee in advance of receiving proceeds, money, stock, or warrants.
If anyone tells you that their software or trading service will automatically generate you high ROI, without effort or risk, that’s a scam.
Anyone who develops such a magical system does not need you to invest – they would be keeping it to themselves, and making BILLIONS with no effort or risk.
Please help us fight against such scams – SHARE THIS FACT CHECK with your family and friends!
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.
He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.
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