Fact CheckedLast Updated on January 5, 2022 by Stephan Lindburg
Andrew Forrest Bitcoin: Has the Aussie Billionaire Found a Hot New Bitcoin Venture?
Australian billionaire Andrew Forrest has had to put out statements regarding a recent Bitcoin scam. The scam has been circulating on social media, convincing potential investors to hand over their money for “guaranteed profits”. The fake ads feature pictures of Andrew Forrest, claiming that he gave a bombshell interview that revealed how he’s making millions with automated Bitcoin trading. These ads direct victims to the scammer’s websites, which carefully approximate the look and feel of legitimate Bitcoin brokers. Andrew Forrest isn’t the first celebrity to find his own name used in these phony stories, and he’s unlikely to be the last. This specific type of ad is all over social media, featuring an extremely wide variety of celebrities, all for the same Bitcoin scams.
Andrew Forrest Bitcoin: Forrest Issues Statement on Appalling Scam
Andrew Forrest is a well-known Australian billionaire who has built his fortune through a series of successful ventures and shrewd investments. He is the former CEO of Fortescue Metals Group, a massive Australian iron ore company, and the fourth-largest iron ore producer worldwide. Andrew Forrest placed second on the list of the richest people in Australia in 2008. Recent fake news stories have been making the rounds about Forrest’s supposed Bitcoin investments. These stories are completely false, describing an interview that simply did not take place. The ads feature a picture of Andrew Forrest, along with the logos of popular Australian television channels. The phony social media ads make up a story about how Andrew Forrest has made millions with a shocking “wealth loophole”. Andrew Forrest has called out scammers after one of their victims went public with their story. An Australian woman lost over $670,000 through her interactions with the scammers after finding the false endorsement from Andrew Forrest on social media. The scammers went to great lengths to convince the woman, pulling a real long con scam.
Andrew Forrest Bitcoin Scam: Amateur Traders Targeted!
This woman was able to withdraw over $58,500 from her supposed trading account before the scammers finally brought the hammer down and took her for all that she had. They even sent her a designer handbag worth over $2,500 as a birthday present for preferred clients. She eventually came forward, reporting the fraud to the Australian Cyber Security Centre and the federal police. A spokesperson from Forrest’s Minderoo Foundation issued a statement on this case and the scam in general. They said that the scams are abhorrent and that they are working with social media platforms to better eliminate the fake endorsements. In addition, the statement made it clear that Andrew Forrest does not publish any investment advice of any kind. Staff at both the Minderoo Foundation and Fortescue Metals Group have been asked to report these scams whenever they see them. The ads are coming from affiliate marketers who are paid by offshore brokers who receive the clients.
How Bitcoin Scammers Entice Their Victims
These affiliate marketing networks are incredibly complex. They take advantage of the significant knowledge base the legitimate marketers have built up. Advertising through social media and other online channels is a sophisticated process that requires expert knowledge. The affiliate marketers know their stuff and present their fake news stories to the very people most likely to become victims. The scammers send the marketers commissions for how many victims they send their way.
And so, the marketers do everything they can to succeed. Of course, many investors are still wary even with a supposed endorsement from Andrew Forrest or another celebrity. The Bitcoin scams further convince by crafting an air of exclusivity and prestige. There is always some secret, some loophole, that only the early adopters will be able to exploit. This makes their victims feel more confident in the venture and makes them more likely to deposit more money.
Andrew Forrest Bitcoin Scam: Investors Lose Bigtime on Autopilot Trading Scam
Anyone unconvinced by the prestige and the celebrity endorsements is further softened with some phony figures. The scammers portray themselves as cryptocurrency brokers with stunning new technology that lets you trade on autopilot. This system is allegedly 99.4% accurate, practically guaranteeing profit. Unfortunately, this is all a ruse to get victims to transfer more and more money, money they’ll never see again.
