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Bitcoin Revolution Scam Strikes Again with Singaporean Billionaire Becoming Its Latest Victim

  • Alex Dovbnya
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    Oil trading tycoon Lim Oon Kuin could have defrauded a bunch of gullible investors without suspecting anything 

Bitcoin Revolution Scam Strikes Again with Singaporean Billionaire Becoming Its Latest Victim
Cover image via news.u.today
Contents

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.”

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“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).

Bitcoin Revolution
image by straitstimes.com

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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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