The Prime Minister of Malta, an outspoken supporter of cryptocurrencies, was impersonated by a scammer who used his name and persona to create a fake Instagram account.
Because of this, noteworthy exchanges such as Binance and OKEx have decided to relocate their businesses to this tiny island state. According to research provided by Morgan Stanley, the country was the global leader in terms of cryptocurrency trading volume in the month of April.
The chief of the Malta Banker’s Association stated in an interview that blockchain was a “banker’s dream”, while Prime Minister Joseph Muscat deemed cryptocurrency to be “future of money.”
But current reports offered by the Malta Independent, a group of scammers impersonated Prime Minister Muscat by making a fake Instagram account using his name, using it to promote a Bitcoin investment scheme.
The media report stated that an “industrious and seemingly Chinese conman” made the copycat Instagram profile and urged its followers to reach out to a certain Wang Wei for a Bitcoin $6744.14 +0.1% investment deal. The scheme promised its investors an “enormous return on investments within a month’s time.”
The post was made on Wednesday but it was removed from Instagram after a short time after that.
At the time of writing, the fake Instagram was still active, having around 1,300 followers which are mostly Maltese citizens, and also including a few of the country’s senior politicians.
The copycat account apparently used some photos from the Prime Minister’s official Instagram account.
The real account of Prime Minister Muscat is followed by 15,000 Instagrammers, features a blue checkmark, and its biography page states that the account is managed by the Labour Party.
It is yet unknown who exactly made the fake account for Prime Minister Muscat. An Instagram account linked with Wang Wei was also created, and it currently has just six posts.
Many cryptocurrency scammers have made use of bots and fake media profiles to deceive people and take their money in their investment schemes and crypto giveaways, while others have impersonated important names or companies to endorse their scam.