The cryptocurrency craze resulted in an irrational gold rush. With the growing popularity of bitcoin, many online gambling operators eagerly embraced the cryptocurrency due to the number of advantages which the cryptocurrency has to offer over the regular currency. Bitcoin has successfully made a scene in the online gaming industry and nowadays the digital payment method has a firm grip on the online gambling world. Many online casinos have already switched to cryptocurrencies
Despite the number of benefits from using bitcoin, the digital payment method has also its flaws. On many occasions, industry experts warned that criminals have started to use the surge in cryptocurrency to lure people into scams. Earlier today, Radio-Canada pressed the panic button after reporting that an international network is using fake news and misleading ads to fleece people.
According to the media agency, the fake articles are deceiving Canadian players to invest just $10 to register for an online casino and they are “virtually guaranteed to make [sic] at least $250” as they will actually invest in buying bitcoins. On 31st January, My Bitcoin Canada posted on its Facebook page a picture of a young woman, who allegedly won $1 million by playing the lottery online.
The publication includes also a link, which re-directs the readers to another article posted by a media outlet called Tribune News Now. The article covers a story of a man from Quebec who supposedly won $13 million after investing his last $10 to register for an online bitcoin casino. The publication further reads the following: “If you are from Quebec, you are about to become really rich”.
Shocking Revelations Trigger Turmoil
However, Radio-Canada found out that the online bitcoin casino is, in fact, just a normal traditional casino. Contrary to the article, the online casino does not promise an instant winning of $250. The only thing which seems to be true in these articles is the amount of the registration fee. Loto-Québec took the opportunity to reiterate that only Ontario Lottery Gaming Corporation (OLG) is authorized to offer games of chance on the territory of Québec.
Radio-Canada explained that this is a fraudulent cost-per-action marketing (CPA) scheme. To make it clearer, CPA is an online advertising model where publishers are paid for an action that is taken as a direct result of their marketing. CPA commercials may pay different amounts depending on the agreement with the advertiser.
At the Casino Rewards group, affiliates can choose between earning $50 each time for a customer they referred to the casino or they earn a percentage of all the money this customer loses at the casino. Following the recent revelations, the misleading articles disappeared from the Internet.