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Facebook Takes Action against Fraudulent Bitcoin Ads Showing Abu Dhabi’s Crown Prince

Facebook took action and removed advertisements for a bitcoin scam posing as posts by Abu Dhabi’s crown prince. 

The National on the Issue

According to the UAE media site The National, a recent scam claimed that Sheikh Mohamed bin Zayed, the country’s Deputy Supreme Commander of the Armed Forces and the Crown Prince of Abu Dhabi, had endorsed a plan that ensured revenue in just one week. 

The scam has been dubbed the “Bitcoin Loophole” and promised participants that bitcoin trading will make them rich. 

Facebook was said to have deleted the fake posts after numerous investors shared their personal information and send money to scammers based in Argentina and the Ukraine. 

$13,000 Revenue Daily

The Bitcoin Loophole scam allegedly requested investors to make a donation of 1,000 UAE dirhams or $272 upfront. The perpetrators claimed that the investment scheme was Sheikh bin Zayed’s way of sharing the wealth with the people. Investors were also promised a revenue of $13,000 daily.

Bitcoin Loophole sneakily combined the bogus claims with details from a real economic package developed by the Crown Prince. The group also utilized images of a US-based reported along with fake quotes from renowned businessman and Microsoft developer Bill Gates. 

The Abu Dhabi Media Office has since released a public warning advising citizens to be careful about counterfeit investment schemes. The office reminded the public that government officials only release announcements via official channels. 

Facebook on Scams

Meanwhile, a spokesperson from the social media giant said to The National that claiming to be someone else is a violation of Facebook’s standards and that the organization has a team dedicated to assisting in the detection and blocking of these types of scams. 

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