Lim Oon Juin, a billionaire from Singapore, has recently fallen victim to promoting a blockchain scam, something many celebrities fall for as bad actors take advantage of their status and fame.
The scam, known as “Bitcoin Revolution” went to great lengths to pull the rug from under Juin, going so far as to create a fake interview with Hin Leong, an oil trading firm owned by the billionaire.
This Bitcoin Revolution fraud not only lied about the interview but also asked readers to give out their credit card information and other personal data.
The Straits Times originally reported on this story, noting that Facebook had to take down ads regarding the scam. In a statement to the publication, a spokesperson from Hin Leong said that “Mr Lim Oon Kuin does not condone any of the alleged statements and representations set out in the article which are attributed to him.”
This is shortly after other prominent billionaires tried to sue Facebook for allowing such scams on their platform.
Sometime last year, the scam created a website that looked similar to CNN and wrote an article about Norway investing $100 million into the Bitcoin Revolution. This article went somewhat viral, with social media spreading the story consistently.
Unfortunately, it’s so easy to generate scams and other fake news nowadays thanks to the virality of the internet. If someone with influence sees an article that captures their attention and fails to do due diligence, it could spread like wildfire.
This is why Social Media companies like Facebook and Instagram banned blockchain-related advertisements back when cryptocurrencies and Initial Coin Offerings (ICO’s) involving cryptocurrency trading platforms became a big thing after the big Bitcoin blowup in late 2017. Obviously, now that these companies have seen the power of blockchain and cryptocurrencies and are starting to create their own like with Facebook’s Libra stablecoin and its respective cryptocurrency wallet, bans are less frequent and scams like these can slip through the cracks.