Belgium’s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads.
In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million euros — roughly $11.8 million at the time of writing — between May 2019 and September 2020 to fraudulent platforms, including those dealing with cryptocurrencies. The FSMA reported that such platforms scammed victims using fake advertisements on social media featuring pictures of celebrities, directing them to provide information to bad actors.
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