Virgin Group founder Richard Branson has directed lawyers to confront social media players whose platforms have hosted fake advertising using his name. AFP
Virgin Group founder Richard Branson has directed lawyers to confront social media players whose platforms have hosted fake advertising using his name. AFP
Virgin Group founder Richard Branson has directed lawyers to confront social media players whose platforms have hosted fake advertising using his name. AFP
Virgin Group founder Richard Branson has directed lawyers to confront social media players whose platforms have hosted fake advertising using his name. AFP

Richard Branson steps up fight to stop cryptocurrency fraudsters using his name


  • English
  • Arabic

British billionaire Richard Branson hit out at cryptocurrency swindlers and said he is stepping up efforts to stop his name from being used to convince unsuspecting victims to sign up to fraudulent schemes.

“It is a terrible thing because it affects a small person who can ill afford it,” Mr Branson said during an interview in Austin, Texas. “We are doing enormous amounts to try to stop it.”

The Virgin Group founder said he has spoken with Meta Platforms’s outgoing chief operating officer Sheryl Sandberg about erroneous promotions appearing on Facebook, and directed lawyers to confront other social media players whose platforms have hosted fake advertising.

Mr Branson is in Austin during a promotional visit after his Virgin Atlantic Airways launched flights there. The city was also hosting CoinDesk’s Consensus conference, one of the cryptocurrency industry’s largest annual meetings.

In the UK, Mr Branson has joined with business figures including Martin Lewis, founder of consumer website MoneySavingExpert.com, to persuade the government to include paid-for fraudulent advertisements in the new Online Safety Bill, which will make technology companies responsible for user-generated cons.

Legislation including the amendment was published in March and is proceeding through Parliament.

Mr Branson’s name may be particularly open to exploitation because he has backed Bitcoin as a sensible investment. A report last year from the UK’s National Cyber Security Centre listed him as among celebrities whose names are most often used by cryptocurrency fraudsters.

The fraud typically features fake online newspaper reports in which people appear to endorse cryptocurrency schemes that readers can gain access to via links in the articles.

Money is extracted from the unwary in a variety of ways, including so-called advance fee rackets seeking upfront payments.

Despite the rout in cryptocurrencies, Mr Branson said he continues to recommend Bitcoin purchases via legitimate avenues as long as individuals are not overexposed.

“If people can afford it, I still would put a little bit of money into Bitcoin, maybe a couple of per cent of one’s investments,” he said.

Cryptocurrency has also provided a vital option for people who might otherwise have lost their savings, he said, for example, Ukrainians fleeing the war or people escaping Afghanistan after the Taliban regained control, who “would be very glad that they didn’t have all their money tied up in a local currency”.

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Korean Film Festival 2019 line-up

Innocent Witness, June 26 at 7pm

On Your Wedding Day, June 27 at 7pm

The Great Battle, June 27 at 9pm

The Witch: Part 1. The Subversion, June 28 at 4pm

Romang, June 28 at 6pm

Mal Mo E: The Secret Mission, June 28 at 8pm

Underdog, June 29 at 2pm

Nearby Sky, June 29 at 4pm

A Resistance, June 29 at 6pm 

 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

Updated: May 30, 2023, 11:20 AM`