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Celebrities Hype Up Cryptocurrency And Market Scams Proliferate

Jamie Foxx.Gage Skidmore/Flickr

At this point, hardly anyone has not heard of cryptocurrency in some form or another and among the people spreading the word are actually well-known celebrities. Using their fame, some actors, athletes, and famous figures have been responsible for giving currencies like Bitcoin more credibility. Unfortunately, with the rise of cryptocurrency also comes a rise in scams.

Among the celebrities who have been making it known that they are into cryptocurrencies are actor Jamie Foxx (Django Unchained, Baby Driver), boxing superstar Floyd Mayweather, and hotel chain heiress Paris Hilton, CNBC reports. Using their status as well-known figures, they have either endorsed or invested in some form of cryptocurrency.

Some of these celebrities have even shown interest in cryptocurrency long before the market reached the kind of hype that it now enjoys. With Bitcoin prices surpassing $17,000 and showing no signs of stopping anytime soon, it’s safe to say that these endorsements are at least having some effect.

Of course, there are also those in the financial world that are deriding cryptocurrency in its current form as nothing more than a sham. Among the staunchest critics of the market include celebrated investor Warren Buffet. For now, it seems their words are going unheard.

On a related note, the rise in the status of cryptocurrency has given way to some rather sophisticated scams perpetrated by those looking to take advantage of the hype. Entrepreneur posted a list of some of the scams that are worth looking out for.

These include initial coin offering (ICO) fraud, which is basically where someone opens up a new type of cryptocurrency for trade to the public but only to turn around and steal money from the victims. There are also potential cases where fraudsters would clone actual ICOs to make money off of the legitimate offer through misdirection.

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