Manuel Villar Denies Endorsing Scam Bitcoin Platform

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
Manuel Villar Denies Endorsing Scam Bitcoin Platform

  • Manuel Villar, Philippines’ richest man, has denied any involvement in the purported Bitcoin trading program scam.
  • Victims have lost around $35 million to such scams in 2018-19 alone, reported a UK watchdog.
  • Business magnate and investor Richard Branson was also used by scammers to promote their fraudulent service on Facebook.

Manuel Villar, Philippines’ richest man, has denied any involvement in the purported Bitcoin trading program scam. The scam, which reported last October claimed through a fake article that the investment scheme has ringing endorsements from a string of celebrities including Jeremy Clarkson and Manuel Villar.

In a statement made on 14th January, the billionaire with a net worth estimated to be around $6.7 billion told: “I wish to warn the public about a false social media posting claiming that I endorsed a cryptocurrency trading program.” 

Annotation 2020-01-16 152626
Source: thenextweb.com

This is not the first instance of fake celebrity endorsement being used to scam people. Scammers have previously used quotes, pictures and testimonials from celebrities and billionaires to con investors. Victims have lost around $35 million to such scams in 2018-19 alone, reported a UK watchdog.

Martin Lewis, an English journalist and the founder of MoneySavingExpert.com, made statements alerting people after several posts of him featured in fake cryptocurrency adverts released on Instagram.

Business magnate and investor Richard Branson was also used by scammers to promote their fraudulent service on Facebook. A long-running Facebook based Bitcoin scam targeted several Australian celebrities.

The fact that celebrities have a massive fan following on social media has made them a lucrative target for criminals to cast a wide net for victims. These bogus online platforms promise unbelievable returns and use celebrities to add credibility to their claim.

In such cases, there is always a risk of scammers disappearing with victims’ funds. Villar, currently the chairman of Vista Land & Lifescapes Inc, was made aware of the false use of his name in the scam and issued a statement warning to alert people about the same.

However, most celebrities either do not realise their name being used or do not always issue a statement. Thus, if one comes across a cryptocurrency which seemingly many celebrities are endorsing, one must be diligent and research to find the truth before investing.

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