Bitcoin Fraudsters Dupe Thousands of UAE Citizens With Crown Prince Scam

Facebook has taken down a sponsored post scammers shared with hundreds of thousands of unsuspecting users. The fraudsters used the post to attract victims to a fake bitcoin trading platform they marketed with Sheikh Mohamed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.

‘My way of giving back to the people’

According to the UAE-based media outlet The National, the fraudsters – who have operated the scam from Ukraine and Argentina for weeks – directed victims to a fake story about the Crown Prince, claiming that he wants to help people by making them rich with a Bitcoin trading platform.

The fraudsters even included a fake quote from the Crown Prince, saying that the phony trading platform is “my way of giving back to the people.”

The fake Bitcoin trading platform, Bitcoin Loophole, claims that its users can make at least $13,000 in 24-hours. According to the website of the scammy service, people can earn such outrageously high profits with the use of automated Bitcoin trading bots.

“The best part is that anyone can use it and make money – even if you have never traded before or if you are a seasoned professional,” Bitcoin Loophole’s website reads."

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