Crypto scammers have been running ads on YouTube with fake endorsements from Elon Musk and Daniel Craig

Dave J Hogan/Getty Images

Similar scams have previously been found on Facebook and AOL

• Scammers promising investors 'huge returns' in a phony cryptocurrency scheme used fake quotes from Elon Musk and Daniel Craig while advertising on YouTube.
• Fake articles promising huge returns on crypto investments have previously been discovered circulating on Facebook, MSN, and Yahoo.
• Facebook agreed to set up a $4 million anti-scam unit after prominent finance journalist and campaigner Martin Lewis issued court proceedings against the social media giant over a similar scheme using his name and image.
• YouTube declined to comment when contacted by Business Insider.
• Click here for more BI Prime stories.

A phony cryptocurrency scam has been running ads promising "huge returns" for investors on YouTube - using fake endorsements from Elon Musk and Hollywood actor Daniel Craig to bolster its credentials.

According to an investigation by consumer rights service Which?, similar crypto scams have previously been found circulating on Facebook, AOL and MSN. Individuals have reported losses of up to £200,000 ($260,000) from such scams.

Last year, Facebook agreed to set up a new $4 million anti-scam unit after financial journalist Martin Lewis took the social media giant to court over fake ads using his name and likeness.

One of the new YouTube ads, spotted by Business Insider, promoted itself as an article from "the Blitz News", headlined: "Bond franchise comes to an end".

YouTube

A person close to YouTube said this fake ad had been pulled

Producers recently announced the release date of the latest movie in the James Bond franchise, "No Time to Die", would be pushed back from April to November amid concerns around the coronavirus.

The ad is a bait-and-switch tactic to lure readers into clicking into the article, which instead focuses on cryptocurrency.

After clicking through, readers are confronted with a fake article reading: "SPECIAL REPORT: Brits are listening to 007's Daniel Craig and they're raking in millions from home."

The piece promised readers a "wealth loophole" that will "transform anyone into a millionaire within 3-4 months".

Readers are told "Bitcoin Era", which has been widely rebuked as a scam on cryptocurrency forums online, is "backed by some of the smartest minds ever to exist", including Richard Branson, Elon Musk and Bill Gates. Bitcoin Era is a so-called automated trading robot that promises big returns.

Getty Images

This is not the first time Elon's likeness has been used to promote dodgy crypto scams

The article reads: "These tech geniuses have built multi-billion companies on solving complex issues like online payments, computing, and transportation.

"Now, they're tackling the global problem of wealth inequality by letting anyone - no matter how rich or poor they are - make enough money to enjoy a happy and fulfilling life."

Musk's likeness has previously been caught up in an online crypto scam, when hackers took control of a verified Twitter account, pretended to be him and offered a cryptocurrency "giveaway" in 2018.

When approached by Business Insider, YouTube declined to comment. However, a person close to the company confirmed the ad had been removed from its site.

Business Insider approached EON and Universal, the movie studios behind the Bond franchise, and Tesla for comment.

NOW WATCH: How running shoes can be recycled into ski boots