X Factor Judge Takes Legal Action Against Bitcoin Scammers

X Factor Judge Takes Legal Action Against Bitcoin Scammers
X Factor Judge Takes Legal Action Against Bitcoin Scammers

The successful judge and founder of television programs X-Factor and Britain’s Got Talent, Simon Cowell, is pursuing legal action against Bitcoin scammers who used his image, according to The Sun report.

The publication explains that the scammers promoted an algorithm called ‘Bitcoin LoopHole’, designed by a financial programmer from the United States to boost the Bitcoin production, using Cowell’s image as a testimony that the algorithm works.

“This is a false and defamatory online scam. We are taking legal action but also believe action must be taken generally against such fraudulent phishing sites.”

Cowell’s representative

The report explains how the alleged scammers claim that Cowell had increased his fortune using a software developed by a supposed engineer ‘Steve Mckay’, identifying himself as a close friend of Cowell to deceive their victims to deposit money that supposedly will be invested to buy Bitcoins to be used in the software.

Avoiding crypto-scammers

This type of scam uses images of celebrities involved in cryptocurrency activities, it is becoming very common in the UK according to The Independent portal.

“In recent months, the Financial Conduct Authority (FCA) has received an increasing number of reports about cryptocurrency investment scams, some of which may involve regulated activities, others which don’t, but all of which use similar tactics”.

The FCA of the UK

“With the growing sophistication of online fraud, it becomes increasingly important to carry out checks before parting with cash online”

Deborah Meaden, Star of Dragon’s Den

Some of the celebrities used by con artists are Kent German, Paris Hilton, Akon, Imogen Heap, Steven Seagal, Floyd Mayweather, Gwyneth Paltrow, Mike Tyson, and Ashton Kutcher, possibly for having declared interest in cryptocurrencies like Bitcoin or for having personal participation in certain projects.

If you want more information on how to avoid crypto-scams, visit this link.