Coinspeaker Crypto Scammers Use Fake News and Celebrity Endorsements to Deceive Investors in India
Crypto scammers often use the identity of a well-known figure to deceive people into falling for their trap, such as hacking their social media pages or creating a media platform that looks similar to the original. Another trick that is not as common is fabricating fake news to deceive users. This was the case in India as misleading news emerged that the son of Indian billionaire Anant Ambani endorsed a cryptocurrency investment platform.
To add credibility to the scam, bad actors fabricated a BBC article attributed to former BBC journalist Jane Wakefield. The article falsely reported that Anant Ambani endorsed a cryptocurrency investment platform called “Everix Edge,” claiming it promised high returns in a short time. The scammers posted this fake article using a hacked X account, complete with the BBC logo, an authentic-looking headline, and familiar layout designs to make the fake website appear legitimate.
Clicking on the article redirected users to a web address that, while visually similar to the BBC’s website, was entirely fraudulent. In addition to the logo and layout, the website included unclickable elements, such as the BBC logo, top panel, and subtopics, that subtly differed from the real BBC site. Only a single functional link on the page led users to a malicious cryptocurrency trading website promoting “Everix Edge”. The site requires users to sign up with personal information, such as name, address, email, and phone number, which are then used to defraud them.
How Scammers Use Lookalike Websites to Lure Victims
According to ABP Live, their investigation revealed no record of Jane Wakefield publishing such an article on the BBC’s platform, nor any legitimate news report that Ambani endorsed any investment scheme. The fake article falsely claimed Ambani had given a controversial interview, reportedly stating that “poverty is a choice” and urging people to find new ways to earn money.
In the fabricated conversation, Ambani supposedly introduced Everix Edge, describing it as an investment platform that could generate millions from an initial ₹26,000 (about $30) investment within 3–4 months. Everix Edge claims to leverage blockchain and AI to profit from price differences on major exchanges but uses fake endorsements from public figures. The site requires users to sign up with personal information, such as name, address, email, and phone number, which are then used to defraud them.
This fake article is not an isolated case; similar scams have appeared online since May 2024. In an effort to combat this issue, the Delhi High Court previously ordered the removal of posts promoting fraudulent schemes on platforms like Meta and X and requested that associated websites be blocked. However, these efforts have had limited success as scammers quickly shift to new domains, keeping their fraudulent activities active.
Despite the crackdown by Indian authorities, the challenge of curbing crypto scams remains significant. The persistence of these scams shows the need for both stronger online security measures and public awareness about the risks associated with online investments.
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Crypto Scammers Use Fake News and Celebrity Endorsements to Deceive Investors in India