From Kim Kardashian To DJ Khaled: Celebrity Forex Scams Revealed

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With the huge growth in popularity of cryptocurrencies recently, more people are using the currency as well as celebrities now endorsing CRYPTOCURRENCIES. But which celebrities have been accused of promoting cryptocurrency or pushing investments?

forex recommend took a look at celebrities who have endorsed or promoted cryptocurrencies, as well as celebrity impersonation scams:

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  1. Kim Kardashian, Floyd Mayweather and Paul Pierce

Most recently, a class action lawsuit was filed in January in California against Kim Kardashian, Floyd Mayweather and Paul Pierce for promoting a new cryptocurrency called EthereumMax. The lawsuit claims that the trio acted as famous backers of the coin as part of a larger scheme to defraud investors while profiting themselves. The lawsuit was filed on behalf of an investor, but EthereumMax denied the allegations.

  1. DJ Khaled and Floyd Mayweather

The January lawsuit is not the first time Floyd Mayweather has faced a financial controversy: The boxer, along with music producer DJ Khaled, were fined in 2018 for illegally promoting cryptocurrencies. The pair paid a combined $767,500 in fines and penalties for promoting an ICO of cryptocurrency company Centra Tech to their Twitter and Instagram followers.

  1. Twitter tricks

In 2020, several high-profile celebrities were hacked to promote a Bitcoin scam. Those affected included kanye-west, Barack Obama, Elon Musk and Jeff Bezos. The message instructed users to send $1,000 to a linked Bitcoin address and they would see the money doubled and then returned under the guise of giving back to the community during the coronavirus pandemic.

How to avoid Forex scams?

With so much money lost to forex scams every year, Forex Recommend shares how you can avoid getting caught.

do your research

The more research you can do on a broker, the better. First of all, check if a broker is registered with a locally recognized authority; this is the FCA in the UK or ASIC in Australia. Also read online broker reviews to find the best brokers and make sure others haven’t had negative experiences with a broker in the past.

read the fine print

When opening an account with a broker, be sure to read all the fine print. Some brokers may try to catch you by enticing you with an offer like bonus funds, but there might be conditions and restrictions on that.

Try to open a mini account first

If you still have some reservations about using a runneryou can open an account with a small balance and spend a couple of weeks doing smaller transactions before trying to withdraw your balance, to make sure there are no problems.

Watch out for red flags

There are a couple of signs that should immediately set off alarm bells when it comes to forex trading, such as unsolicited offers of investment opportunities, as these are likely to be scams. Likewise, so-called ‘risk-free’ investments or offers that sound too good to be true are likely to be fraudulent.

To see how many forex scams take place in the UK each year, check out the research here:

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