An alleged global scamming scheme called ‘Bitcoin Revolution’ is doing the rounds and traders are being warned not to fall for it.

The Malta Financial Services Authority (MFSA) issued a warning against it today via an official document.

Bitcoin Revolution

The alleged crypto scam likens to a typical get-rich-quick scheme and operates through several websites, though only one has been officially named: the-bitcoinrevolution.org.

The scheme has been advertised on social media platforms and has used the images of prominent local personalities claiming they have become rich from the crypto investments.

Unregistered

According to the MFSA, the Bitcoin Revolution is not registered or licensed in Malta and therefore has not been cleared to offer financial and investment services.

Malta passed its Virtual Financial Assets Act (VFA) in July 2018. This act sets out to “regulate the field of Initial Virtual Financial Asset Offerings and Virtual Financial Assets.”

Effectively, a body must seek authorization from the MFSA, and no one has yet been given this authorization since the Act was passed.

Warning

The Bitcoin Revolution claims to make investors rich within a few minutes. It was first reported on January 10th of this year by a number of local personalities whose identities were being used without permission to peddle the scheme.

On a website called Major News, two hosts of a local show claimed that Maltese actor and TV star David Tucci turned his 250 euro deposit into 483 euro in eight minutes by using Bitcoin Revolution.

>> JPMorgan Claims Bitcoin Isn’t Worth Mining Anymore

Further, fake articles and advertisements on Facebook claimed he had gone bankrupt and used the Bitcoin Revolution platform to amass a €2.3 million fortune.

Tucci has since spoken out to deny his involvement with the platform saying he has never used it and confirmed it as a scam:

“Please note I have nothing whatsoever to do with this, I have never engaged in such tradings, never did I authorise or approve of such material being published or advertised. This is clearly a scam and click-bait, please don’t buy into this.”

Be wary of these fraudulent scams out there traders!