Richard Branson Warns Crypto Frauds to Stop Using His Name

Richard Branson, billionaire entrepreneur and influential founder of Virgin Atlantic is warning crypto frauds to stop using his name in vain. Although Richard Branson has recommended bitcoin investment, he feels the situation has gotten out of control with fake endorsements featuring him apparently pushing crypto trading deals. 

Branson has a reputation for being forward-looking and willing to embrace innovation. However, the entrepreneur draws a firm line in the sand when it comes to using his name without permission in fake crypto ads claiming he endorses everything from phony initial coin offerings to short-term crypto trading deals. 

Why Doesn’t Branson Just Sue? 

Why doesn’t Branson simply file a lawsuit against those responsible? The problem is two-fold. First, it’s impossible to sue people if you don’t know who they are. Crypto scams are able to conceal their identities behind aliases and manufactured company names and images on social media. 

Second, the sheer number of crypto scams using fake celebrity endorsements ensures that fighting the battle on a large scale would be like chopping of ever-growing hydra’s heads. 

Should We Hold Social Media Platforms Responsible? 

Branson and British legislators are finding a remedy for this problem by proposals to amend the UK’s Online Safety Bill to include provisions that would hold social media platforms and crypto exchanges responsible for scams that operate on their sites. 

In fact, Branson recently had a word with outgoing Facebook/Meta COO Sheryl Sandberg that the social media site should be taking more action against all types of crypto frauds, including celebrity imposter crypto scams on the platform. This also means cracking down on paid ads by suspected cyber criminals. 

In the meantime, the Virgin Atlantic founder has urged consumers to use caution when clicking on anything using his name or image to promote it. This goes for other celebrity endorsements that may also be fake. However, Branson emphasized that his view of bitcoin may be worth buying on the current dip in value as just a single-digit percentage of one’s portfolio. He also is open to accepting bitcoin as payment for certain products and services. 

What Can Be Done ABout Crypto Schemes? 

One of the biggest obstacles for dealing with the sheer scale of cryptocurrency scams is to uncover the identities of cyber criminals who hold anonymous bitcoin wallets with stolen funds. That’s one reason Branson and others have had to put the pressure on social media companies rather than trying to go after the culprits directly. 

However, the good news is that methods for fighting crypto crime are always evolving. KoinTrail is at the forefront of crypto forensic investigation methods and you can benefit from our cutting-edge technology and tested methods to find your funds on the blockchain. 

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