Tech
Billionaire Richard Branson is targeting crypto scams using his name
British billionaire Richard Branson has lashed out at cryptocurrency scammers and said he is stepping up efforts to prevent his name from being used to convince unsuspecting victims to sign up to fraudulent schemes.
“It’s a terrible thing because it affects a little person who can’t afford it,” Branson said in an interview in Austin, Texas. “We are doing enormous amounts to try to stop it.”
The Virgin Group founder said he spoke with Sheryl Sandberg, outgoing chief operating officer of Meta Platforms Inc., about the erroneous promotions appearing on Facebook and instructed lawyers to engage with other social media operators whose platforms have hosted false advertisements.
Branson spoke in Austin during a promotional visit after his Virgin Atlantic Airways Ltd. launched flights there. The city also hosted CoinDesk’s Consensus conference, one of the cryptocurrency industry’s largest annual meetings.
In the UK, Branson has joined business figures including Martin Lewis, founder of consumer website MoneySavingExpert.com, to persuade the government to include paid scam adverts in the new online safety law, which will make tech companies liable for scams generated by users. against. Legislation including the amendment was published in March and is progressing through Parliament.
Branson’s name may be particularly vulnerable to exploitation because he has championed Bitcoin as a sensible investment. A report last year from the UK’s National Cyber Security Center listed him among the celebrities whose names are most often used by cryptocurrency scammers.
The scams typically feature fake online newspaper reports in which individuals appear to advocate cryptographic schemes that readers can access via links in the articles. Money is extracted from the unwary in a variety of ways, including so-called advance fee scams that require upfront payments.
Despite the cryptocurrency rout, Branson said he continues to recommend Bitcoin purchases through legitimate avenues, as long as individuals are not overexposed.
“If people can afford it, I would still put some money into Bitcoin, maybe a couple of percentage points of their investments,” he said.
Cryptocurrency also provided a vital option for people who might otherwise have lost their savings, he said, such as Ukrainians fleeing war or people fleeing Afghanistan after the Taliban regained control, which “ they would be very happy not to have all their savings.” money tied up in a local currency.
Branson’s space venture, Virgin Galactic Holdings Inc., is open to accepting Bitcoin payments from aspiring astronauts, with billionaire twins Cameron and Tyler Winklevoss, founders of cryptocurrency exchange Gemini Trust Co., making just one reservation such.