Bitcoin scam artists have turned to Instagram to create fake and misleading advertisements featuring the British financial expert Martin Lewis.
Lewis recently published a tweet warning users to be wary of fake Instagram advertisements promoting cryptocurrency products by using his likeness and endorsement.
Beware these scams. Now on Instagram 🙁 https://t.co/Y6Dj2mNRtJ
— Martin Lewis (@MartinSLewis) January 7, 2020
Lewis has previously been embroiled in fake crypto ads using his likeness, and was able to settle a lawsuit with Facebook over the issue. According to the settlement, Facebook was required to pay £3 million ($3.9 million) to the anti-scam charity Citizens Advice, in addition to launching a new scam ad reporting button.
Despite the issue being settled nearly a year ago, users in Lewis’s Twitter comments were quick to point out that the false Facebook adverts are still being shown, as well as the new Instagram ads. Facebok ads promoting cryptocurrency scams have become rather common, with various celebrities like Dutch billionaire John de Mol
— William Barnez (@BillyNoMates666) January 7, 2020
Facebook, which owns Instagram, had previously instituted a ban on crypto-related advertisements for both platforms in January 2018. However, the company pulled back on its policy in May 2019, just ahead of officially announcing its digital currency project Libra.
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