A simple bitcoin scam on Facebook ended up hurting countless investors and causing huge losses before it was revealed in a case report.

The topic of cryptocurrencies eventually became more and more important in Canada, especially in the last month of February, when striking truckers received bitcoin donations. As a result, the local government began to look for the industry and stop the brokers, a case that caused a huge backlash worldwide.

After seeing his country's case and the war in Ukraine, David Rosenberg, president of Ontario-based Rosenberg Research & Associates, declared that bitcoin is not a store of value. In addition, he said that when gold rises, bitcoin falls, indicating his skepticism of cryptocurrencies.

“The decline in the bitcoin/gold ratio proves the point that cryptocurrencies were never a currency (‘asset class’?) you could rely on in tough times. . It’s neither safe nor secure – just a high beta correlation with the more speculative elements of risky trading.”

The plunge in the bitcoin/gold ratio proves the point that cryptocurrencies are never a currency (“asset class”??) you can rely on in hard times . Neither a safe haven nor a haven – just a high beta correlation to the most speculative element of risky trading.

— David Rosenberg (@EconguyRosie) February 24, 2022

Regardless of his criticism of Bitcoin, scammers will use reviews to hit unsuspecting people.

Fake profile on Facebook staged a coup on Facebook, raising nearly R$700,000

Even David Rosenberg, who is a leading critic of Bitcoin in Canada, has created several profiles associated with him in that country. These fake profiles also end up using the image of your company to attract investors.

The conspiracy was revealed by an investigation by fact-checking site Snopes, which uncovered the dangers in its Facebook profile reviews. An investor, allegedly David, posted that he had invested in bitcoin with him and made a great return.

Of course, capturing another fake profile eventually caught the attention of the company, which subsequently discovered the scam. When a victim obtains a bitcoin wallet address to make a deposit, the fake account leads to the victim accessing David Roserberg's fake profile.

The address of the scammer is 32eCbchcNBEYWtDWVuKXeDNJ4rcXoKC5LW and it has received 3.4 bitcoins, probably from the victim of the fraud. At today's real bitcoin price, that's worth 673,000 reais.

After Meta was warned of fraud, he discovered the scammers may be from Nigeria

Jordan Liles, a journalist who noticed the fraud, discovered a case of social network application bitcoin scam at Meta (formerly Facebook). After the company's investigation, David Rosenberg's fake account was removed from the social network.

In addition, Meta revealed that the visits were conducted by Nigerians, meaning that the coup may have been carried out against Canadian investors from another country.

In any case, David's fake account had only 100 followers, while the official account had thousands. That said, victims who did a better investigation of the situation could have avoided handing over 3.4 BTC to this fraud, which is nothing new to the market at all.

Receiving high-yield investment advice ends up being a problem in social networks. Recently, a woman lost R$2.9 million in a cryptocurrency scam on LinkedIn, which shows that the internet is full of scams except for Facebook and Twitter, and that holders of these coins must be skeptical of signs and wonders.