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Richard Branson ramps up efforts to end crypto scams using his name

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Richard Branson, founder of the Virgin Group, aims to stop his name from being used in fraudulent crypto schemes, the British billionaire said in interview.

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According to Branson, the attackers used his name to lure unwitting investors into injecting funds into a cryptocurrency scam. These schemes are often targeted at people who are not wealthy and who cannot afford to lose money. To that end, Branson said he is working tirelessly to ensure that attackers don’t use his name to lure victims.

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So far, his efforts have resulted in him talking to Meta COO Sheryl Sandberg about false promotions on Facebook. In addition, Branson instructed his lawyers to take the matter up with other social media platforms that hosted the false advertisements.

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In addition to opposing social platforms, Branson has also teamed up with other entrepreneurs in the UK to push for legislation to curb false advertising. In particular, the moguls are urging the British government to include paid scams in the internet safety bill. This provision would make technology companies liable for user-generated fraud.

Among the people Branson works with is Martin Lewis, an English journalist and founder of Attackers have repeatedly used Lewis’s name and likeness to promote fraudulent schemes on Facebook.

Notably, Facebook seems to play a significant role in the spread of fake ads. In addition to the UK, the social platform is facing legal action in Australia for failing to stop the spread of fake crypto ads.

Branson is a supporter of BTC

The news comes after the UK’s National Cyber ​​Security Center reported that crypto scammers often use Branson’s name to promote their schemes.

While scammers randomly use celebrity names to support their scammers, Branson’s case is a little different. The billionaire has openly supported Bitcoin (BTC) as a viable investment.

The cryptocurrency market has been in bearish territory for most of the first half of 2022. This bearish sentiment intensified over the weekend, bringing most cryptocurrencies to their all-time lows since their November peak.

At the time of writing, BTC is trading at $24,227.21 after losing 12.26% on the day. This price represents the lowest level that the flagship digital asset has reached in the last year.

Despite the dismal performance of BTC, Branson still believes that investing in cryptocurrency is justified. According to him, investors should allocate a small percentage of their portfolio to BTC. He notes that cryptocurrency has proven to be a vital asset for Ukrainians and Afghans.

To show support for the cryptocurrency, Branson said his space venture Virgin Galactic Holdings will accept BTC payments from aspiring astronauts.

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