Coinbase Advises Public About its $15 Bitcoin Giveaway

The largest crypto exchange in the U.S, Coinbase, has warned its users to be wary of potential scams that could accompany its ongoing Bitcoin giveaway seen recently in an advertisement.

Coinbase Warns Users About Scam

Coinbase looked to draw new faces into the nascent crypto industry by giving away $15 to those who sign up to its platform using a QR code it advertised during the Super Bowl event.

A quick note about security because it’s super important to us …

The only way to be eligible for our $15 BTC giveaway is to sign up for a Coinbase account by following this link → https://t.co/fKHisXZJJc

If it didn’t come from us it could be a scam.

— Coinbase (@coinbase) February 14, 2022

The exchange warning has become very important because bad actors could use this ad to draw up some nefarious plans that could swindle unsuspecting individuals off their funds.

There have been similar occurrences when these scammers had capitalized on major events of this nature.

Last year, scammers used Elon Musk’s appearance on the Saturday Night Live show to scam over $10 million worth of Bitcoin, Ethereum, and Dogecoin from viewers.

Thus, Coinbase’s warning is coming because the Super Bowl has an enormous viewership, which is approximated at around 100 million, meaning that the ad could attract the attention of several people. 

Already, there are indications that the ad’s effect was enormous as the traffic surge on Coinbase’s platforms led to temporary downtime.

Crypto Ads Dominate Super Bowl

The highly anticipated Super Bowl match between the Cincinnati Bengals and the Los Angeles Rams was replete with several crypto-related ads whose major intent was to draw more investors to the nascent industry.

Crypto firms like FTX, eToro and others like Bud Light had ads infused with crypto themes.

Regulators Draw Line on Crypto Ads

It is worth adding that crypto ads are now the targets of regulators worldwide. These regulators tend to state that many crypto-related ads don’t point out the risks attached to the asset class.

Singapore, Spain, and Britain, for example, have initiated several crypto ads regulations in their bid to control what kind of advertisements their citizens are exposed to.

Invariably, as regulators continue to be drawn to the crypto spag, it means that the tone and language of several crypto ads are going to change from what we know it to be present.