Richard Branson intensifies efforts to stop cryptocurrency frauds that use his name
The Virgin Group’s founder, British billionaire Richard Branson, stated in an interview that he wants to prohibit his name being used in shady cryptocurrency scams. Branson claims that deceitful individuals have been exploiting his name to entice unaware people into contributing money to cryptocurrency schemes. These scams frequently target less fortunate individuals who cannot afford to lose money. In order to prevent dishonest people from exploiting his name to seduce victims, Branson claimed he is working tirelessly in this direction. He has thus far discussed fraudulent Facebook promotions with Sheryl Sandberg, COO of Meta, as a result of his efforts. Branson has also instructed his attorneys to raise the issue with other social media sites that have published deceptive adverts.
Martin Lewis, an English journalist and the creator of MoneySavingExpert.com, is one of the persons with whom Branson is collaborating. Lewis’ identity and photos have been repeatedly hijacked by dishonest people to advertise scams on Facebook. Notably, Facebook seems to be a major factor in the spread of bogus adverts. In addition to the UK, the social media site is being sued in Australia for failing to block the proliferation of phoney cryptocurrency advertisements.
For the greater portion of the first half of 2022, the cryptocurrency market has been in the bear zone. Over the weekend, this pessimistic attitude became more intense, driving most cryptocurrencies to record lows since their November peak. BTC is currently down 12.26 percent on the day and trading at $24,227.21 as of this writing. The main digital asset has never traded at a lower price as it does right now. Despite BTC’s awful performance, Branson still thinks it is profitable to invest in cryptocurrencies. He recommends that investors only hold a tiny portion of their assets in BTC. He mentions how bitcoin has proven to be a valuable resource for Afghans and Ukrainians.
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