Finansinspektionen Issues Urgent Warning on Cryptocurrency Scams Linked to Celebrities
Finansinspektionen warns of rising cryptocurrency scams linked to celebrity endorsements.
Key Points
- • Finansinspektionen warns about the danger of 'rug pulls' in cryptocurrency.
- • Former President Trump is allegedly involved in fraudulent activities related to $TRUMP cryptocurrency.
- • Moa Langemark highlighted significant losses among small investors due to these scams.
- • The warning aims to protect consumers against new types of fraud.
The Swedish Financial Supervisory Authority (Finansinspektionen) has raised alarms about the rise of cryptocurrency scams, particularly those involving celebrity endorsements, which are increasingly endangering small investors. In a recent statement, published on June 7, 2025, the organization highlighted a specific type of fraud known as 'rug pulls', where investors are suddenly left with worthless assets after being misled by the hype generated from celebrity-backed initiatives.
This caution comes in the wake of allegations against former U.S. President Donald Trump, who has been implicated in questionable activities related to a cryptocurrency named after him, $TRUMP. Moa Langemark, a consumer protection economist at Finansinspektionen, emphasized how these schemes have already resulted in significant financial losses for many unsuspecting followers and small investors who were attracted by the allure of celebrity endorsements. She urged the public to exercise caution and conduct thorough research before investing in any cryptocurrencies, especially those promoted by famous figures.
Finansinspektionen's warning aims to protect consumers from falling victim to rapidly growing scams posing as legitimate investment opportunities, drawing attention to the urgent need for increased awareness about potential risks in the cryptocurrency market.