In yet another cryptocurrency scam rocking social media, a fraudster created a fake X (formerly Twitter) account impersonating Bermuda’s Premier David Burt to promote a bogus digital currency called “Bermuda National Coin.”
While Premier Burt was enjoying a Valentine’s Day dinner with his wife, unsuspecting investors were falling victim to the scam. By the time the fake account was shut down, losses reportedly reached up to $1.2 million (AU$1.9 million).
This impersonation scheme mirrors recent incidents involving Argentina’s President Javier Milei and former U.S. President Donald Trump, where fraudulent crypto promotions led to significant public outcry.
Fake X Account Fools Investors
The scammer managed to obtain a grey verification checkmark, which is typically reserved for government officials and global organizations. Meanwhile, Premier Burt’s real account only has a blue verification badge, raising concerns about X’s verification processes.
📌 How the Scam Unfolded:
- The fraudulent account used Burt’s name and likeness to appear credible.
- It amassed four times more followers than Burt’s actual account, despite being newly created.
- Posts promoted the fake ‘Bermuda National Coin’, luring unsuspecting investors.
While Bermuda’s authorities and X acted swiftly to remove the account, the damage was already done, with many reporting significant financial losses.
🚨 Premier Burt expressed frustration over X’s verification process, stating:
“At Valentine’s Dinner with my wife, and get multiple calls that someone is trying to scam users. This is a fake account and a scam. Elon Musk and X, not sure how they get a Grey Verification badge, but people will get scammed due to the lack of controls on this app.”
Despite repeated concerns over misuse of verification badges on X, this incident highlights ongoing security risks within social media platforms—especially when it comes to crypto scams.
Crypto Scams on the Rise: A Growing Concern
The Bermuda National Coin fraud is the latest in a string of crypto-related scams, as bad actors increasingly use politicians and celebrities to promote fake investments.
🔹 Argentina’s President Javier Milei faced backlash after endorsing the scam token ‘Viva La Libertad’, which collapsed within hours.
🔹 Donald Trump’s memecoin launch has also raised concerns, with reports suggesting the Trump family may have made up to $100 million (AU$157 million) in trading fees.
🔹 Similar deepfake scams featuring high-profile figures have been circulating, targeting investors worldwide.
While some leaders, like Milei, later distanced themselves from fraudulent projects, the repeated exploitation of public figures in crypto scams is fueling distrust in the industry.
Conclusion: A Lesson in Digital Vigilance
The Bermuda National Coin scam serves as another warning for investors to be cautious when engaging with cryptocurrency projects on social media.
With fraudulent promotions becoming increasingly sophisticated, it’s essential for platforms like X to strengthen their verification processes to prevent such scams.
As crypto continues to evolve, so do the scammers—reminding investors to research thoroughly, verify official sources, and remain skeptical of get-rich-quick schemes.
