Maltese Prime Minister who is a notable evangelist of blockchain technology and cryptocurrencies has meddled into an investment scam as the criminal created a fake Instagram account in his name.
Malta has been one of the countries to realise the pros of cryptocurrency and blockchain and take a number of steps in order to advance its country towards accepting of the technology.
Top cryptocurrency exchanges like Binance have already expressed their intention of expanding into the region while Morgan Stanley declares the country as a leader in terms of trading volume of cryptocurrency.
Joseph Muscat, who has earlier reportedly stated cryptocurrency as the money of the future, has been impersonated by a group of scammers who created an infactual Instagram account in the name of the minister and started promoting Bitcoin Investment Scheme.
According to the Independent, the conman created a fake profile including a call to reach out to Wang Wei for Bitcoin investment scheme.
The scheme promised an enormous return on the investment within a period of one month.
The fake account on Wednesday posted a recommendation to speak to Wang Wei to deal in investment scheme. However, the post was soon removed from the profile.
Until last day, the profile was active enjoying a following of 1300 including some of Maltese citizens.
Interestingly, the actual profile is being followed by around 1500 people and has a blue verification tick mark beside it. It is being run by the Labour Party.
As of now, the people behind the scam remain out of administration’s hand. The Independent has also found an account of Wang Wei with just six posts until now.
Bitcoin’s popularity has led to emergence of several scams where people try to impersonate some celebrity so that they can make profit out of such scams.
People like Richard Branson and Tim Draper have earlier reported about their names being misused by people to attract people to make investments in fraudulent schemes.
Such scammers have created Twitter bots to steal identities online so that they can mislead people into fraudulent investment schemes while others have bypassed Twitter’s verification process to create alter ego of big brands to cash in from their names.