According to The Straits Times, Singaporean billionaire Lim Oon Kuin, who spearheads oil trading firm Hin Leong, became the latest promoter of an infamous cryptocurrency scam. Thus, he joined a long list of politicians, businessmen, and celebrities who got “on its team.”
“Bitcoin Revolution” is alive and kicking
Last year, U.Today reported that bad actors came up with an article about Norway investing a staggering $100 mln into an obscure Blockchain called “Bitcoin Revolution.” They copied CNN’s website design in order to make it seem legitimate. The effort turned out to be successful given the fake news spread like wildfire on social media with many social media users failing to smell a rat.
Fast forward to September 2019, “Bitcoin Revolution” is alive and kicking while using the same playbook to lure in new victims. This time, however, there’s a fake interview with Leong that never took place (as confirmed by a Hin Leong spokesman).
Apart from shilling an obvious scam, the article also encouraged the readers to submit their sensitive data (including their credit card information).
Mr Lim Oon Kuin does not condone any of the alleged statements and representations set out in the article which are attributed to him," Hin Leong's spokesman told ST.
Facebook takes swift actions
The report states that Facebook swiftly removed all ads that were related to “Bitcoin Revolution.” The social media giant was sued by multiple notable personalities, including Dutch billionaire John de Mol, for its reluctance to crack down on such scams.
Facebook’s soon-to-be-launched coin Libra also birthed plenty of fakes on its own platform, which gives a good idea about the scope of this problem.