by Kevin Helms
The Warren Buffett-led Berkshire Hathaway has issued a statement warning that a cryptocurrency exchange website is using its name. The company stressed that the crypto firm has no affiliation with Berkshire Hathaway Inc. or its chairman and CEO, Warren E. Buffett.
Berkshire Hathaway Inc. warned Friday that a crypto exchange website is using its name. “Earlier this afternoon it came to our attention that there is an entity using the name Berkshire Hathaway,” the company stated, elaborating:
The entity … has no affiliation with Berkshire Hathaway Inc. or its chairman and CEO, Warren E. Buffett.
The landing page of the crypto site in question indicates that the company is a bitcoin exchange. “Berkshire Hathaway is a Texas-based company created to give our investors the opportunity to achieve a completely passive income from investment in cryptocurrency mining,” the website’s front page details.
The website advertises:
You will get profit every day on an ongoing basis.
Berkshire Hathaway CEO Warren Buffett and Vice Chair Charlie Munger are both bitcoin and crypto skeptics. Buffett previously said that the cryptocurrency is “rat poison squared.”
Munger has called bitcoin “rat poison” and “contrary to the interest of civilization.” He even compared BTC to venereal disease. In July, he recommended avoiding bitcoin as if “it were an open sewer, full of malicious organisms.” In addition, the Berkshire Hathaway executive believes that governments should ban cryptocurrencies.
The Berkshire Hathaway crypto exchange website exhibits many signs of being a scam, similar to several schemes Bitcoin.com News previously warned about, including Bitcoin Revolution, Bitcoin Superstar, Bitcoin Era, and Bitcoin Loophole.
For example, the platform has an upfront cost. The site lists seven investment plans costing between $1,000 and $70,000. Each plan claims to allow users to invest and earn up to a certain amount. The plans also guarantee that users will “profit every day on an ongoing basis.” The website further shows a list of users who supposedly made tons of money using the system.
The contact address listed on the website belongs to a single-family home, and no phone number is listed. The contact email uses the web address of Warren Buffett’s Berkshire Hathaway.
The site also claims to be “regulated by several financial authorities,” including the U.K. Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). However, the Berkshire crypto website is not listed on any of the above regulators’ approved lists.
Many regulators worldwide have warned that scammers often falsely claim to be registered with them. However, funds uploaded to any of these websites are unlikely to be seen again.
What do you think about the scam crypto site using the name of Warren Buffett’s Berkshire Hathaway to promote its scheme? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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