Fake Rinehart endorsement used in crypto scam

Mining magnate Gina Rinehart has become the latest high-profile businessperson used to market an alleged crypto scam, with photos and fake quotes appearing online.

In a statement this week, Hancock Prospecting said Mrs Rinehart was not involved in the unnamed platform and had not invested into it.

“Mrs Rinehart and Hancock Prospecting Pty Ltd have been made aware today of fake social media posts and associated news stories alleging that Mrs Rinehart has invested $5,000,000 into a startup crypto currency platform,” a spokesperson for Hancock said in a statement. 

“It claims it can make you rich in seven days.

“Mrs Rinehart has not made the alleged investment or recommendations or quotes set forth in these adverts. 

“This is a scam designed to use Mrs Rinehart’s positive corporate image to lure people in to invest.”

Last year, Fortescue Metals Group founder Andrew Forrest was reportedly considering legal action against Facebook after his likeness was used on a series of cryptocurrency advertisements.

The Australian Securities and Investments Commission has previously warned about crypto scams using high-profile Australians to market products.

Television presenters David Koch, Waleed Aly and Celeste Barber had fake endorsements used in scams.

ASIC warned users to avoid platforms such as Bitcoin Evolution, Bitcoin Revolution and Bitcoin Trader.