Simon Cowell Fights Back Against Bitcoin Scammers Using His Name

Music mogul and popular television host Simon Cowell plans to sue Bitcoin scammers for unauthorized use of his image in online Bitcoin scams, The Sun reports.

The X-Factor and Britain’s Got Talent Judge is Fighting Back

Bitcoin scammers using Simon Cowell’s image on social media for fraudulent scams claim that he has been making millions through a top-secret computer algorithm hatched by a US financial whizz. The scammers write fantastic stories about the so-called miracle computer program which they falsely claim are coming from reputable media outlets.

According to one false report, the BGT judge “more than doubled his wealth by using a push button software developed by an ex-software engineer” named Steve McKay, claiming he is a friend. Cowell’s picture and a biography of McKay, who claims to make 10,000 pounds daily, appear in the article.

To further boost investors’ confidence, there are testimonials and thousands of positive comments with pictures of globally satisfied customers. A link to a platform where potential investors can hand over their cash is displayed. One article claimed that Cowell’s net worth rose from £125 million to £325 million in months.

However, Cowell’s photograph and those used for the testimonials are from model agencies. A spokesman for Cowell said:

This is a false and defamatory online scam. We are taking legal action but also believe action must be taken generally against such fraudulent phishing sites.”

Investors that take the bait are then encouraged to make deposits into a trading account set up by fraudsters. The conmen instead take the money and use it to buy Bitcoin. When investors finally understand the scheme, the scammers make away with any remaining funds. Thousands of innocent people have fallen for the scam, and trading websites have warned others not to fall into the trap.

According to Tradingbeasts.com:

Everything they present is a lie; the story about Steve McKay is fake. We advise staying far away from this scam to all of our readers.”

Suggested Reading : Learn more about Bitcoin in our ‘What is Bitcoin?’ beginner’s guide.

Bitcoin Scams and Fake Celebrity Endorsements

Simon Cowell isn’t the only celebrity whose image has been falsely attached to online cryptocurrency scams. Recently, Unhashed reported on the U.K. FCA-issued warning to investors about con artists using prestigious London addresses and fake celebrity endorsements to perpetrate elaborate cryptocurrency scams. According to the Independent, Deborah Meaden of “Dragon’s Den” fame is one of the latest celebrities to be falsely associated with an online virtual currency scam.

On the flip side, part of the reason why some of these fraudulent activities are successful is that there are projects that genuinely co-opt celebrities into their marketing campaigns. Famous names like Floyd Mayweather, DJ Khaled, and Jamie Foxx have endorsed different cryptocurrency projects.

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