AUSTRALIAN WATCHDOG ISSUES WARNING ON FAKE CELEBRITY-ENDORSED CRYPTO ADS

Last updated: June 20, 2025, 01:37 | Written by: Katie Haun

Imagine scrolling through your social media feed and seeing a trusted celebrity endorsing a new cryptocurrency investment. Australia's consumer watchdog will take Facebook owner Meta to court over the publishing of scam cryptocurrency investment ads that feature celebrity faces.Sounds tempting, right? ASIC has uncovered several cryptocurrency scams using Australian celebrities, prominent news sites, and government agencies to reel in investors.Unfortunately, scammers are exploiting this very tactic, and the Australian Securities and Investments Commission (ASIC), the country’s financial watchdog, is taking notice.The ASIC has issued a strong warning to the public about the rise of fake advertisements promoting cryptocurrency investments, often featuring fabricated endorsements from well-known Australian public figures, news outlets, and even government entities.These sophisticated scams are designed to lure unsuspecting individuals into handing over their hard-earned money, often promising unrealistic returns and leveraging the credibility of familiar faces to gain trust. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam AustraliansThe consequences can be devastating, leaving victims with significant financial losses and shattered confidence. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin ( BTC ) scam sites.The ASIC urges everyone to exercise extreme caution and critically evaluate any crypto investment opportunity, especially those promoted through online ads featuring celebrity endorsements.This article will delve into the details of these scams, the ASIC's response, and, most importantly, provide you with practical steps to protect yourself from becoming a victim.

The Anatomy of a Celebrity Crypto Scam

These cryptocurrency scams are often complex and well-orchestrated, making them difficult to spot. ASIC is aware of two situations in which fake celebrity endorsements are being used: Fake websites posing as crypto trading robots. Cryptocurrency pump-and-dump scams.Scammers typically employ a multi-pronged approach to reach potential victims:

Fake News Articles: Fraudsters create convincing fake news articles that appear on reputable-looking websites. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. from Cointelegraph.com News via IFTTTThese articles often feature stories about celebrities making huge profits from specific cryptocurrencies or crypto trading platforms.
Social Media Ads: These fabricated articles are then promoted through targeted social media advertising campaigns, often on platforms like Facebook and Instagram. 25 subscribers in the mrcryptolive community. Mr Crypto publish live cryptocurrency prices along with constantly updated statistics.The ads feature images and quotes that appear to be endorsed by the celebrities.
Deceptive Websites: Clicking on these ads leads to websites that mimic legitimate crypto investment platforms.These websites are designed to collect personal and financial information from users.
High-Pressure Sales Tactics: Once users register on these fake platforms, they are often contacted by ""account managers"" who use high-pressure sales tactics to encourage them to invest more money.

The key element in these scams is the use of celebrity endorsements. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto AdsSource: CointelegraphPublished onBy associating their schemes with trusted and recognizable figures, scammers aim to build credibility and overcome the natural skepticism that people often have towards online investments.Names of prominent business leaders, actors, athletes, and even public figures have been used without their permission to promote these fraudulent schemes.

ASIC's Response: Protecting Australian Investors

The ASIC is actively working to combat these scams and protect Australian investors. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin (BTC) scam sites. According to the commission s public warning, the Australian watchdog has received a number of reports of fraudulent MoreTheir efforts include:

Public Warnings: Issuing public warnings and alerts to raise awareness about the risks of celebrity-endorsed crypto scams.
Investigations: Investigating and prosecuting individuals and entities involved in these fraudulent activities.
Collaboration with Social Media Platforms: Working with social media platforms like Meta (Facebook) to remove scam ads and accounts.
Legal Action: Taking legal action against companies like Meta for allegedly publishing misleading advertisements.

The lawsuit against Meta highlights the growing concern about the role of social media platforms in facilitating these scams.The ASIC alleges that Meta failed to adequately monitor and prevent the publication of scam advertisements featuring prominent Australian public figures, thus contributing to the harm suffered by victims.

Real-Life Examples of Celebrity Crypto Scams

To understand the gravity of the situation, let's look at some hypothetical examples of how these scams typically unfold:

The ""Shark Tank"" Scenario: Imagine an ad featuring a well-known ""Shark Tank"" investor supposedly endorsing a new crypto trading robot. The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin scam sites.[BREAK] According to the commission's public warning, the Australian watchdog has received a number of reports of fraudulent crypto sites that claim to be endorsed by prominent businesses, new sites, and government agencies.[BREAK] Crypto bot scams areThe ad claims the investor made millions using the robot and is now sharing the secret with the public.
The News Anchor Endorsement: A fake news article appears on a website designed to look like a legitimate news outlet. Sydney: The Australian consumer watchdog has filed a lawsuit against Meta, the owner of Facebook, saying that the social network allegedly engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures.The article claims a popular news anchor has invested heavily in a particular cryptocurrency and is urging viewers to do the same.
The Athlete's Tip: A social media post attributed to a famous Australian athlete promotes a specific crypto exchange, claiming they are offering exclusive bonuses to new users.

In all these scenarios, the goal is to create a sense of urgency and excitement, prompting people to act impulsively without conducting proper research. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads By evilchild In Crypto Report Posted J 0 Comment(s) This post was originally published on this siteThe promise of quick profits and the perceived endorsement of a trusted figure can be incredibly persuasive, especially for those new to the world of cryptocurrency investing.

How to Spot a Fake Celebrity Crypto Ad: Red Flags to Watch Out For

Protecting yourself from these scams requires vigilance and a healthy dose of skepticism.Here are some key red flags to watch out for:

Unrealistic Promises: Be wary of advertisements that promise guaranteed profits or excessively high returns.Cryptocurrency investments are inherently risky, and no one can guarantee success.
High-Pressure Sales Tactics: Scammers often use high-pressure sales tactics to rush people into making investment decisions. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads https: Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto AdsDon't fall for the pressure. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyTake your time to research any investment opportunity thoroughly.
Fake Websites: Pay close attention to the website address.Scammers often use website addresses that are similar to those of legitimate companies but with slight variations (e.g., adding an extra letter or using a different domain extension).
Poor Grammar and Spelling: Legitimate companies typically have professional marketing materials.Be suspicious of advertisements that contain poor grammar, spelling errors, or awkward phrasing.
Lack of Contact Information: Verify the contact information for the company or platform being advertised.A lack of readily available contact information can be a sign of a scam.
Reverse Image Search: If you see a celebrity endorsement, perform a reverse image search on the celebrity's photo.This can help you determine if the image has been used in other scams.
Celebrity Denial: Search online for the celebrity's name and the cryptocurrency or platform being advertised. Bitcoin vs. Marx: Two Competing Geopolitical Domino Theories Marxism and Bitcoin have one thing in common, the idea that a radical change in the structure of society will happen iOften, the celebrity will have already publicly denied any association with the scheme.

Actionable Steps to Protect Yourself from Crypto Scams

Beyond recognizing the red flags, here are some concrete steps you can take to protect yourself from falling victim to these scams:

Do Your Own Research: Never invest in a cryptocurrency or platform based solely on an advertisement or celebrity endorsement.Conduct thorough research on the cryptocurrency, the platform, and the company behind it.
Verify Information: Independently verify any claims made in advertisements or on websites.Check with reputable sources to confirm the information.
Consult a Financial Advisor: Seek advice from a qualified financial advisor before making any investment decisions. The ASIC explained that fraudsters combine online search terms to generate fake news articles and ads on social media, which contains fake endorsements of celebrities or media outlets.They can help you assess your risk tolerance and identify suitable investment opportunities.
Be Skeptical of Unsolicited Offers: Be cautious of unsolicited offers to invest in cryptocurrencies, especially those that come from unknown sources.
Report Suspicious Activity: If you encounter a suspicious advertisement or website, report it to the ASIC and the social media platform where you saw the ad.
Only Use Reputable Exchanges: If you decide to invest in cryptocurrency, only use reputable and regulated exchanges.
Secure Your Wallet: Protect your cryptocurrency wallet with a strong password and enable two-factor authentication.
Start Small: If you are new to cryptocurrency investing, start with a small amount of money that you can afford to lose.

What to Do If You've Been Scammed

If you suspect you have been scammed, it's crucial to act quickly to minimize your losses and report the incident.

Report the Scam: Report the scam to the ASIC immediately.You can also report it to Scamwatch, a website run by the Australian Competition and Consumer Commission (ACCC).
Contact Your Bank: Contact your bank or financial institution and let them know that you have been scammed. See full list on asic.gov.auThey may be able to help you recover some of your funds.
Change Your Passwords: Change the passwords on all of your online accounts, especially your email and bank accounts.
Monitor Your Accounts: Monitor your bank and credit card accounts for any unauthorized activity.
Seek Support: If you are feeling distressed or overwhelmed, seek support from a trusted friend, family member, or mental health professional.

The Role of Social Media Platforms

Social media platforms have a significant responsibility to prevent the spread of these scams.While some platforms have taken steps to remove scam ads, more needs to be done to protect users.This includes:

Enhanced Ad Screening: Implementing stricter ad screening processes to identify and remove scam advertisements before they are published.
Improved Reporting Mechanisms: Providing users with easy-to-use reporting mechanisms to flag suspicious advertisements and accounts.
Account Verification: Implementing stricter account verification processes to prevent the creation of fake accounts used to promote scams.
Collaboration with Regulators: Working closely with regulators like the ASIC to share information and coordinate enforcement efforts.

The Future of Crypto Scam Prevention

As cryptocurrency continues to gain popularity, the risk of these scams is likely to increase. Seg n un estudio de Scamwatch, un brazo de la Comisi n de Competencia y Consumidores de Australia, los australianos m s j venes de entre 25 y 34 a os fueron los m s afectados por estas estafas de inversi n en criptomonedas. Sigue leyendo: La empresa detr s de Zcash confirma que el programa Crypto in Context es un esfuerzo globalThe future of crypto scam prevention will require a collaborative effort from regulators, social media platforms, financial institutions, and consumers.This includes:

Increased Public Awareness: Continued efforts to raise public awareness about the risks of celebrity-endorsed crypto scams.
Technological Advancements: Developing new technologies to detect and prevent these scams.
Stronger Regulatory Frameworks: Strengthening regulatory frameworks to hold scammers accountable for their actions.
International Cooperation: Enhancing international cooperation to combat cross-border scams.

Frequently Asked Questions (FAQs)

What is a crypto scam?

A crypto scam is a fraudulent scheme that uses cryptocurrencies to deceive people into parting with their money or personal information.These scams can take many forms, including fake investment opportunities, phishing scams, and pump-and-dump schemes.

Why are celebrity endorsements used in crypto scams?

Celebrity endorsements are used to build trust and credibility. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians Please note, this is a STATIC archive of website cointelegraph.com from, cach3.com does not collect or store any user information, there is no phishing involved.Scammers hope that by associating their schemes with well-known and respected figures, they can overcome people's natural skepticism and convince them to invest.

How can I tell if a crypto advertisement is fake?

Look for red flags such as unrealistic promises, high-pressure sales tactics, fake websites, poor grammar and spelling, and a lack of contact information. Trusted News Discovery Since 2025. Global Edition. Friday, SeptemAlways do your own research and verify any claims made in the advertisement.

What should I do if I've been scammed?

Report the scam to the ASIC and Scamwatch. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto AdsContact your bank or financial institution and change your passwords. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin ( BTC ) scam sites.Monitor your accounts for any unauthorized activity and seek support from a trusted friend, family member, or mental health professional.

Is it safe to invest in cryptocurrency?

Cryptocurrency investments are inherently risky and can result in significant financial losses.It is crucial to do your own research, consult a financial advisor, and only invest money that you can afford to lose.

Conclusion: Staying Vigilant in the Crypto World

The rise of fake celebrity-endorsed crypto ads is a serious concern, highlighting the need for vigilance and caution in the rapidly evolving world of cryptocurrency. Skip to main content Bitcoin Insider. MenuBy understanding how these scams operate, recognizing the red flags, and taking proactive steps to protect yourself, you can significantly reduce your risk of becoming a victim.Remember, no investment is guaranteed, and the allure of quick riches should always be tempered with a healthy dose of skepticism.The ASIC's warning serves as a timely reminder: always do your own research, consult a financial advisor, and never invest based solely on an advertisement or celebrity endorsement. Stay informed, stay cautious, and stay safe in the crypto world. The ASIC has received numerous reports on fake crypto trading robots and other schemes used to scam Australians. Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads - InstaCoin.NewsIf something seems too good to be true, it probably is. The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin scam sites. According to the commission s public warning, the Australian watchdog has received a number of reports of fraudulent crypto sites that claim to be endorsed by prominent businesses, new sites, andAlways prioritize protecting your financial well-being and reporting any suspicious activity to the appropriate authorities.Be proactive and always take steps to safeguard your investments, and remember to stay updated on new and evolving scams.If you see something, say something!