Malta has raised a red flag to warn the general public against a new global crypto scam making its rounds known as “Bitcoin Revolution”.

The Malta Financial Services Authority (MFSA) issued a warning (Jan 25), saying information made available to it suggested that an entity operating under the name of “Bitcoin Revolution” is essentially a “get-rich-quick” crypto scam. It is found at https://the-bitcoin-revolution.org, and reportedly also through other unnamed websites and social media platforms. Internet users may also find themselves automatically directed to such pages without consent.

MFSA clarified that Bitcoin Revolution is not a Maltese company or authorized as one in Malta for investment or financial services.

MFSA’s warning has come after Maltese celebrities made police reports against being falsely connected to Bitcoin Revolution’s investment scheme. According to Maltese media earlier this month, a local actor and two TV hosts had claimed that an online article containing their endorsements for Bitcoin Revolution was faked. The article had alleged that the trio were discussing on a show about Bitcoin Revolution’s ability to earn EUR483 on a EUR250 deposit “within three minutes”.

Various crypto sites have also reported Bitcoin Revolution claiming its software achieves a “99.4% level of accuracy” on its earning outcomes, but yet at the same time there is a lack of information as to how it really works to generate such investment returns – adding to the general suspicion that none of it is legitimate.