Crypto Scam: Lindsay Lohan, Seven Other Celebrities Sued by US SEC

The commission announced charges against Sun, a crypto-exchange platform and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation and Rainberry for the unregistered offering and sale of crypto-asset securities Tronix and BitTorrent. On The Money Show, Kavita Thapliyal discussed all this with Ritesh Bhatia, Cybercrime Investigator and Cybersecurity Consultant.

Let’s understand what happened to 7 Hollywood celebrities who have been sued and what kind of crypto scam is this? In his response to the questions, Mr. Bhatia said “I wouldn’t say this is a crypto scam as such because these were the celebrities who just endorsed it. When they endorsed this particular exchange or for a particular crypto, at least they knew that this would just go away. That’s exactly what happened here and there have big problems with this. So this is just part of what brings us to a very important thing that, just because these are some celebrities endorsing cryptos or gaming sites, please do your due diligence before depositing your money. Many countries including India have certain guidelines for the celebrities and I think these celebrities don’t go through these guidelines. These guidelines are very strict in India too. And they have to go through them before they approves such products.”

In India, a laying out of guidelines against endorsing all kinds of products, but also all kinds, and this is for the social media influencer as well as for the celebrities we are talking about. What exactly is the modus operandi of Crypto scams that are also increasing in number?

“If we see the current trend, one is where your friend accounts are hacked or impersonated and pig slaughtering. So pig slaughtering is something you get from a random person that you wouldn’t know. Then they will slowly start talking to you on a romantic way to get you to invest in Cryptos. They will even ask you for digital wallet keys or may ask you to transfer money to another wallet. They may also insist that you should buy more and more Crypto.”

For full analysis, watch the video

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