One of the major problems within the crypto space is the rise in the number of scam platforms that use famous celebrities to promote their scam. Cycling legend Peter Sagan appears to be embroiled in one called Bitcoin Revolution.
The platform claimed to have received an endorsement from the cyclist and has put out false news articles and ads luring potential investors.
However in a tweet, Sagan denies any participation in the scam, revealing that he had never been contacted by the company.
He also posted the link to the article which alluded his cooperation with the get-rich-crypto scheme.
Sagan allegedly showed an audience how many greenbacks he got from automated trading via the help of Bitcoin Revolution.
This is not the first time Bitcoin Revolution has been involved in such cheap celebrity scams.
Bitcoin Revolution has achieved notoriety with its false use of celebrities names to promote its services.
There is an extensive list of celebrities that have denied partnering with the organization including Jeremy Clarkson, and Alex Ferguson.
Virgin Atlantic founder Richard Branson was also a victim of the Bitcoin Revolution and the firm is one of the bad eggs in the crypto industry.
Crypto scams are a major problem to mainstream adoption
Despite the impressive growth of cryptocurrencies in recent years. The increase in crypto scams has been one of the major negatives.
Several criminals have utilised the anonymous nature of cryptocurrencies to top unsuspecting investors of their money.
There have been several pump and dump schemes. While several pyramid schemes have popped up leading to huge loses to investors.
Also, the use of celebrities names to promote crypto scams has also increased. These dangers are one of the major reasons for the scepticism by many towards the use of cryptocurrencies.
Despite these, legit crypto firms continue to develop new solutions that have been adopted by different sectors across the world.