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Bitcoin Storm and the scam with Fabio Fazio
Bitcoin Storm and the scam with Fabio Fazio
Security

Bitcoin Storm and the scam with Fabio Fazio

By Marco Cavicchioli - 6 May 2020

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Many scams like Bitcoin Storm and fake news have been circulating these days, involving well-known characters such as Italian television presenter Fabio Fazio and phantom bitcoin trading software.

These frauds are designed on a model which unfortunately has worked several times, namely involving news apparently published on well-known newspapers, but which are obviously full of lies. 

The two main deceptions, which are supposed to convince naive readers to give their money to fraudsters, concern, on the one hand, a well-known character who is allegedly earning a lot of money and on the other, an alleged automatic cryptocurrency trading software. 

Italian presenter Fabio Fazio and Bitcoin

In this specific case, Fabio Fazio, well-known Italian TV presenter of Rai Due’s program, “Che tempo che fa”, was involved without his knowledge in this fake news according to which he allegedly invested in various systems based on bitcoin trading and revealed it on TV because thanks to them he is making a lot of money. 

What is reported in the news is false. In fact, not only is it totally unconfirmed, but it is undoubtedly untrue that he said something like that. 

After all, it’s just the umpteenth famous character of a very long list of VIPs involved unbeknownst to them in these fake news, aimed at promoting the scam of automatic cryptocurrency trading software that would allow people to earn a lot, in a short time, without risk and without effort. 

Bitcoin Storm

One of these platforms that have been advertised lately is Bitcoin Storm and it’s very easy to realize that it’s a scam. 

Their official website contains some obvious lies, which immediately make it clear that they are lying. 

When someone asks for money promising future earnings, it’s almost always a scam and something to stay away from. 

In addition, in order to propose financial investments that promise earnings to non-professional investors, it is necessary to obtain the authorization of the public authority responsible for investments, and offers such as Bitcoin Storm do not have such authorization. They therefore operate illegally, and this alone would be a good reason to avoid them. 

The first obvious lie reported on Bitcoin Storm’s website is that it would have been placed at the top of the US Trading Association’s trading software category. 

In reality, the US Trading Association does not exist, so there is no ranking to which this statement refers, which is obviously bogus.

Another lie is that the potential for profit would be unlimited and influenced only by the amount of capital invested. 

Other lies blatantly published on their website concern Bitcoin. 

For example, they write that Bitcoin was introduced in the financial markets in 2009, while it did not appear on the exchanges until mid-2010. 

Then they state that every bitcoin is basically a computer file that is stored in a “digital wallet”, while instead it’s an accounting transaction on a distributed ledger consisting of a file, the blockchain, which physically resides on tens of thousands of nodes around the world. 

Therefore, not only is it obvious that this website tells lies about Bitcoin and the software it proposes, but it even operates illegally without the necessary authorization. 

Unfortunately, there are a lot of similar, or even almost identical scams, and it seems that they work, seeing that new ones are created all the time. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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