The Malta Financial Services Authority (MFSA) released an official document on 25 January 2019 warning investors across the globe of a scam crypto scheme called ‘Bitcoin Revolution’. The scheme allegedly operates like other fraudulent schemes that promise customers quick earnings from their crypto investments. The MFSA stated that the crypto scam operated through numerous websites which were unnamed but one, which was the-bitcoinrevolution.org.
The method in which the scheme is promoted is also similar to crypto scams, which is through ads showcasing renowned individuals stating that they reaped huge profits from the promoted schemes. Bitcoin Revolution was first found and reported to authorities when a website called Major News showed two local show hosts discussing the scheme. They claimed that Maltese actor David Tucci invested in the scheme and obtained 233 euro in profits “within 3 minutes”. Other ads were shown to users by redirecting them from social media platforms to pages containing the ads without their consent.
Back in July 2018, the MFSA passed its Virtual Financial Assets Act (VFA) which purpose was to “regulate the field of Initial Virtual Financial Asset Offerings and Virtual Financial Assets”. At the time this piece was written, not one entity has received the authorization from the MSFA under the act. Thus, the MSFA was able to immediately recognize ‘Bitcoin Revolution’ as a fraudulent scheme as it was not registered legally to offer financial services related to digital assets.
Additionally, David Tucci himself denied the promoted case of him being involved with ‘Bitcoin Revolution’ in any way. Additionally, he warned the public from falling victim to the scheme which was obviously “scam and click-bait”.