Social Media Archives - Bitcoin Times

Illegal Crypto Casino Accounts Sold on Social Media: A Growing Threat

JM — Wed, 31 Jan 2024 13:59:19 +0000

The sale of illegal crypto casino accounts on mainstream social media platforms has raised concerns about the accessibility of unregulated gambling sites in the UK. Sky News has uncovered hundreds of ‘ready-to-gamble’ accounts openly advertised, highlighting the ease with which British individuals can access these high-risk platforms. The findings have prompted calls for increased regulatory measures to address the proliferation of such accounts and protect vulnerable individuals, including children and those with gambling disorders.

Proliferation of Advertisements on Mainstream Social Media

An in-depth investigation by Sky News revealed that these accounts, primarily linked to one of the largest crypto casinos, Stake.com, are actively promoted and sought after by buyers. The adverts were predominantly spotted on Facebook and Discord, with no evidence of endorsement from the crypto casinos themselves. The accounts come pre-verified, allowing buyers to circumvent the typical registration and identification requirements, posing a significant loophole in the regulation of online gambling.

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The findings have prompted calls for increased regulatory measures to protect vulnerable individuals.
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Concerns about Consumer Protection and Public Well-being

Anti-gambling advocates have expressed concerns about the addictive nature of crypto casinos, particularly for individuals with existing gambling issues and underage users. The accessibility and allure of these unregulated platforms, coupled with the involvement of social media in their promotion, highlight the urgent need for collaborative efforts from regulatory authorities, social media companies, and the gambling industry to address this growing threat to consumer protection and public well-being.

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Grandmother falls victim to fake actor cryptocurrency scam on Instagram

JM — Tue, 30 Jan 2024 09:23:47 +0000

In a disappointing turn of events, a grandmother from the UK was defrauded of £10,000 by an imposter on Instagram pretending to be a famous actor promoting cryptocurrency investments. The scammer took advantage of the victim’s trust and enthusiasm for the actor’s work, ultimately resulting in financial loss and emotional distress.

Prevalence of online scams and vulnerability

This incident highlights the prevalence of online scams and the vulnerability of individuals, particularly the elderly, to fraudulent schemes in the digital age. The ease of creating fake personas and the allure of quick and substantial returns through cryptocurrency investments have made unsuspecting individuals susceptible to such deceptive tactics.

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This incident highlights the prevalence of online scams and the vulnerability of individuals, particularly the elderly.
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Enhancing consumer protection measures in the digital age

As the use of social media platforms and digital currencies continues to grow, it is imperative for regulators and technology companies to enhance consumer protection measures and educate users about the risks associated with online financial transactions. Furthermore, raising awareness about the tactics employed by scammers and promoting skepticism towards unsolicited investment opportunities is crucial in safeguarding individuals from falling victim to fraudulent schemes.

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20-year-old millionaire’s supercar vandalised in Manchester

JM — Wed, 14 Jun 2023 05:31:26 +0000

20-year-old millionaire’s Audi R8 V10 was covered in graffiti while he was in Manchester for a business meeting

The recent vandalism of a 20-year-old millionaire’s £100k supercar in Manchester has once again raised concerns around the hate that young entrepreneurs face. Waseem Khan, who made his fortune trading cryptocurrency, returned to his new Audi R8 V10 in Leeds, to find it had been vandalised with various insults and comments in black spray paint. Khan was in Manchester for a business meeting when vandals struck. Although he was shocked by the crude messages he received, he was philosophical about the incident and called for the vandals to come forward.

Waseem Khan remains unphased by the incident despite crude messages and insults sprayed on his car

Khan believes that young entrepreneurs today face incredible challenges, and that there is a lot of envy and hate thrown towards them. He points out that there are dangers to being popular on social media, attracting not just adulation, but also hate and envy from some quarters. Nevertheless, his own career trajectory underlines the importance of persevering to achieve your goals, regardless of the negativity thrown your way. He remains unphased and plans on continuing his entrepreneurial journey.

The need for more support of young entrepreneurs like Khan in the UK highlighted through this incident

The incident highlights the need for more support of young entrepreneurs like Khan in the UK. Despite the government’s promise to support startups and SMEs during the pandemic, young entrepreneurs such as Khan often feel unsupported. The government’s record of breaking this cycle of hatred and discrimination towards young entrepreneurs remains mixed, and highlights the need for more emphasis on cultivating the skills and passion of young people. Although Khan is undeterred, there needs to be greater recognition of the importance of nurturing the talents of young entrepreneurs, particularly in the technology and innovation sectors, where creativity and entrepreneurship are keys to success.

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Celebrities Agree to Pay Fines for Promoting Cryptocurrencies to their Social Media Followers Without Disclosure

JM — Sun, 11 Jun 2023 20:48:52 +0000

Celebrities Agree to Pay Fines for Promoting Cryptocurrencies without Disclosure

Several celebrities like actress Lindsay Lohan and rapper Akon, among others will pay tens of thousands of dollars to settle claims that they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so. Recording artists Ne-Yo and Lil Yachty, boxer and internet personality Jake Paul, and adult film performer Michele Mason were also among those who agreed to pay more than 400,000 dollars combined in disgorgement, interest and penalties to settle the claims.

The Illegal Promotion of Cryptocurrencies By Celebrities

Many celebrities and athletes have used their influence and massive social media followings to promote cryptocurrencies in recent years, including Matt Damon, Tom Brady and Reese Witherspoon. However, doing so without disclosing when they are being paid to do so is illegal, and has landed some big names in hot water with securities regulators.

SEC Complaint filed on Celebrities Promoting Crypto Asset Securities without Disclosure

In the complaint filed by the Securities and Exchange Commission (SEC) in a federal court in New York, the agency claims the celebrities were paid to promote Tronix (TRX) and BitTorrent (BTT), both crypto asset securities that were offered for sale by three companies owned by Justin Sun, a Chinese national. Mr Sun allegedly offered to sell billions in the unregistered securities and engaged in manipulative trading, while also creating secondary markets on which Tronix and BitTorrent could be traded, according to the complaint.

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Twitter’s Internal Research Reveals Changing Interests Among Users

JM — Thu, 08 Jun 2023 10:07:15 +0000

Twitter’s Internal Research Report Indicates Changing Interests Among Users

Twitter has shared findings from its internal research, including a resurgence in conversations regarding the potential death of the social media platform, and the rising popularity of NSFW content and cryptocurrency. The report is raising concerns over declining interest in news, sports, and entertainment among Twitter’s most active users, which could have a significant impact on the platform’s advertising revenue. The report highlights that adult content constitutes 13% of all Twitter content, and Twitter’s interest in cryptocurrencies may potentially not be an area of future growth.

Declining Interest In News, Sports, And Entertainment Among Active English-Speaking Twitter Users, Would Effect Ad Revenue

The research reportedly focuses on the most active English-speaking tweeters, tracking what areas are raising or lowering interest. The report aims to identify trends that may have been masked by overall growth in daily active users, ultimately questioning what is causing the decline in user activity across key topics. Twitter will need to address these issues as soon as possible, given the deadline approaching at this week’s end for finalizing an agreement between Elon Musk and Twitter for the latter to be acquired by the billionaire.

The Twitter Acquisition Deal And Implications for Advertising in The UK

The changing interests amongst Twitter’s users do not provide a clear indicator of how this may impact the UK; however, the social media platform’s declining revenue through advertising could warrant UK-based companies having to rethink their strategies to reach the platform’s growing but more niche social media demographic. This could also impact major events such as sports or entertainment, who may pivot their advertising efforts away from Twitter to connect with potential audiences more fully on other platforms such as Facebook or Instagram. Further developments in the Twitter acquisition deal and potential changes to advertising could have significant implications in the social media space within the UK.

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