Last Updated on June 3, 2021 by Stephan Lindburg
Jack Ma Bitcoin. Billionaire investor and Chinese business magnate Jack Ma Yun is the target of a new wave of fake celebrity endorsements for Bitcoin scams. A significant public figure worldwide, Jack Ma is known for building the massive Chinese company Alibaba and his private philanthropy.
Investors would be wise to follow his advice, but scammers are putting out false material claiming his recent involvement with Bitcoin scams. The scams themselves are nothing new, and the con artists promoting them have spent years developing new techniques to drive innocent victims to these fraudulent websites.
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Jack Ma is the former CEO and co-founder of Alibaba Group, a company that has been named the 31st largest publicly traded company in the world by Forbes. The current CEO is Daniel Zhang, although the fake news stories taking Jack Ma’s name still refer to him as the acting CEO. Today, Jack Ma leads many philanthropic endeavors for various causes through the Jack Ma Foundation, focusing on education, environmental issues, and public health.
A fake news story gives a distorted version of real-life events to make Bitcoin scams seem more legitimate. The true story is that Alibaba, not Jack Ma personally, has invested $400 million in The CrownX, the retail side of Masan Group, a Vietnamese conglomerate. This investment gives Alibaba a 5.5% stake in the company. This is the latest in the Chinese company’s attempts to expand operations into Southeast Asia.
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However, the story circulating on social media is that the $400 million was instead invested in one of several prominent Bitcoin scams. The exact same article appears multiple times online, with only the name of the specific scam or service alternating. The strategy here is to expand the circle of possible victims to include people who do very basic research into believing these false claims.
With most similar fake news stories, a simple online search proves them false. But when potential victims search for “Jack Ma $400 million,” they’ll see numerous real news sources discussing Alibaba’s actual investment in The CrownX. If those victims don’t take the time to actually read those articles, they will think the Bitcoin story must have been true.
Fake News Stories on Bitcoin Scams Becoming More and More Common
The fake article makes it look like one of the most business magnates in the world is endorsing the scam, which could be any one of the fake apps we exposed right here on ScamCryptoRobots.com. The article further features testimonials from members of the public who tried out the platform.
They all claim that they made thousands within weeks just by investing $/€/£250 and letting the automatic trading run its course. These testimonials are just another layer of lies to convince unwitting victims into handing over their hard-earned money.
It isn’t just Jack Ma featured in fake stories like these. Among the more popular choices are figures like Elon Musk and Richard Branson, dynamic entrepreneurs who have built fortunes through innovative ventures. This leads victims to believe that they’re getting in on the ground floor of a real opportunity, something others haven’t heard about because it’s just starting. Affiliate marketers who refer visitors to the scams understand this all too well and intentionally rely on trustworthy names to ensnare their victims.
Jack Ma Bitcoin Scam: An Offer That’s Too Good to Be True
To lend itself even greater credibility, the fake article features logos from reputable news sources. The BBC, Daily Mail, CNN, and more are all prominently featured, implying this content has been featured on those networks. The people behind these fake news stories do everything they can to make them look legitimate, but nothing holds up under even a little bit of closer inspection.
There are many articles similar to the Jack Ma Bitcoin scam, and they all throw around a lot of numbers, citing multiple examples of just how successful the automated trading platform can be. They also show people increasing their investments several times over within the first week and maintain impossible returns for weeks. They say that all investors need is $/€/£250 to get started, and their proprietary algorithms will make perfect trades on their behalf. These claims just aren’t true, and any investors will quickly find their balances dropping to zero. If you have been conned or cheated out of your money after registering for an offer which was endorsed by a celebrity, please reach out and tell us about it.