More Bitcoin Scam Ads With Martin Lewis on Instagram

In 2019, Lewis settled a defamation suit against Facebook for similar Bitcoin scam adverts.

Suspected crypto con artists using fake endorsement from LewisAs previously reported by Cointelegraph, Bitcoin scam ads touting false endorsements from Martin Lewis are appearing once again on social media.

Retweeting the scam ads now appearing on Instagram, Lewis warned the public to not fall victim to such obvious cons.

The misleading adverts show a fake article from British tabloid Mirror with the title, "Martin Lewis lends a hand to British families with Revolutionary Bitcoin Home Based Opportunity." No such article exists on Mirror, with the media outlet issuing warnings about similar phony content as far back as August 2018.The particular scam in question was red-flagged in late 2019.

In an email to Cointelegraph, a spokesperson for Facebook, the parent company of Instagram, explained that the platform has a zero-tolerance policy for scam ads.

"Misleading or deceptive ads of any kind, have no place on Instagram. Our Advertising Policies do not allow scam ads, and when we detect an ad that violates our Advertising Policies, we disapprove it. All ads are subject to our ad review system, which relies primarily on automated, and in some cases manual review to check ads against these policies. This happens before ads begin running."

Not Lewis's first brush with Bitcoin scam ads on social mediaBack in 2018, Lewis sued Facebook following the emergence of more than 1,000 scam ads featuring the financial expert.

Lewis isn't the only person to sue Facebook because of Bitcoin scam ads.

At the time, De Mol argued that the scam ads were damaging to his reputation and had defrauded victims of close to $2 million.

While there are crypto scam ads with fake celebrity endorsements, there are also fraudulent advertisements promoted by "Crypto celebs." In late December 2019, a suspected Bitcoin scammer dubbed "LÈON" orchestrated an exit scam after defrauding victims of about 53 BTC.Before the exit scam, some popular crypto personalities endorsed LÈON's investment program via tweets and retweets.