Bitcoin Scam Ads Featuring Martin Lewis Now Spotted on Instagram
Helen Partz's original article for cointelegraph.com reduced by 75%
Bitcoin scam ads featuring the likeness of Martin Lewis have continued to appear on social media despite Lewis' previous efforts to prevent such illegal practices. After the British financial expert settled a defamation lawsuit against Facebook for showing unendorsed fake Lewis crypto ads in 2019, new scam adverts have now been spotted on Facebook-owned Instagram. The fake article is titled "Martin Lewis Lends a Hand to British Families with Revolutionary Bitcoin Home Based Opportunity" and has already been red-flagged as it contains another crypto investment scam scheme.
Following the new scam alert, Lewis retweeted the post on Jan. 7 to warn users about the scam. Eventually, Facebook reached a settlement with Lewis to launch a dedicated tool to report scam ads, donating 3 million British pounds to a Citizens Advice project to help tackle similar practices.
Facebook and Instagram banned crypto ads in 2018 Both Facebook and Instagram had previously introduced bans on crypto-related ads. In January 2018, Facebook updated its advertising policy, announcing that it prohibits ads that use "Misleading or deceptive promotional practices" that contain ads of crypto and initial coin offerings.
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