Close to 95 per cent of all scam alerts sent by the Advertising Standards Authority to social media platforms have been related to bitcoin scams, the watchdog said today.

Last year, the ASA created an ad alert system to pick up false adverts. Since then, the scheme has alerted 145 platforms to date.

Crypto scams mostly take the form of giveaways or false promises to double a consumer’s returns. They often feature the faces of celebrities such as Steve Wozniak, Bill Gates and Elon Musk.

The data comes alongside a wider breakdown by the watchdog on legitimate cryptocurrency ads which are misleading about the risks of investing.

The ASA is set to launch a project on reforming its approach to financial advertising soon, with cryptocurrency being one its top priority areas.

It plans to gather intelligence over the coming months to propose what powers it might need in the near future.

Online Harms Bill

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