After the British financial expert settled a defamation lawsuit against Facebook for showing unendorsed fake Lewis crypto ads in 2019, new scam adverts have now been spotted on Facebook-owned Instagram.
Bitcoin scam ads featuring the likeness of Martin Lewis have continued to appear on social media despite Lewis’ previous efforts to prevent such illegal practices.
Reported by Twitter user @peterfinn5252 on Jan. 7, the scam Instagram ad shows Lewis’ face to promote a fake article pretending to be published by major British national daily tabloid The Mirror.
The fake article is titled “Martin Lewis Lends a Hand to British Families with Revolutionary Bitcoin Home Based Opportunity” and has already been red-flagged as it contains another crypto investment scam scheme.
Following the new scam alert, Lewis retweeted the post on Jan. 7 to warn users about the scam.
Lewis launched High Court proceedings against Facebook in April 2018
In April 2018, Lewis launched legal action against Facebook, accusing the social network of defamation related to deceptive cryptocurrency advertisements. At the time, Lewis claimed that the social networking giant has published more than 50 crypto-related ads with illicit use of his face and name to promote phoney financial products.
Eventually, Facebook reached a settlement with Lewis to launch a dedicated tool to report scam ads, donating 3 million British pounds ($3.9 million) to a Citizens Advice project to help tackle similar practices.
Facebook and Instagram banned crypto ads in 2018
Both Facebook and Instagram had previously introduced bans on crypto-related ads. In January 2018, Facebook updated its advertising policy, announcing that it prohibits ads that use “misleading or deceptive promotional practices” that contain ads of crypto and initial coin offerings.
However, the social media giant eased the ban in May 2019, around one month before releasing the white paper for its own cryptocurrency project, Libra, in June. This subsequently triggered a wave of fake Libra accounts on both Facebook and Instagram, as reported by Cointelegraph in July.
Bitcoin News Summary – January 6, 2020
The 3rd of January marks the 11th anniversary of the “genesis block”, the first-ever Bitcoin block mined by Satoshi Nakomoto in 2009. Bitcoin shows no signs of slowing down as it ages, with hashrate surging to new highs at the start of 2020. Over 2019, Bitcoin transferred a total of $673 billion in value.
Did you withdraw all your coins from crypto exchanges on Friday? If so, congratulations on participating in the annual Proof of Keys event, designed to keep exchanges honest. If you experienced an unexpected delay or failure with your withdrawal, it may indicate an exchange running a fractional reserve scam. See the ProofOfKeys.com site for more info and results.
Beware of the “Ledger Secure” extension for Google Chrome. It was reported that this malicious software, which is not associated with the Ledger company, is able to steal funds from Ledger wallets. According to reports, 600 Zcash, worth over $16,000, has already been stolen in this manner.
The US market regulator SEC has filed a court order seeking to compel Telegram to explain how funds generated from its ICO have been spent. The encrypted messaging platform is hesitant to hand over financial details including its bank records as Telegram denies that the tokens are securities.
Before we conclude, this week’s “Bitcoin quick question” is how many confirmations do I need for my Bitcoin transaction to be considered final? Receiving a payment is almost instant with Bitcoin. However, there is a waiting period before the network confirms that payment is final by including it into the Bitcoin ledger of transactions known as the blockchain. A confirmation means that everyone agrees that the bitcoins you received haven’t been sent to anyone else and are considered your property.
Confirmation can take between a few seconds and 90 minutes, with 10 minutes being the average. It’s best to wait for at least 6 confirmations before considering payment as final. However, depending on the transaction amount, you may be satisfied with only 1 confirmation or even to not worry about waiting for a confirmation at all. If you want to learn about how confirmations work check out the link in the description.
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