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2020 was quite a controversial year for the cryptocurrency industry. It started with the bearish sentiment, triggering the collapse of the market. However, the second half of the year turned out to be positive for cryptocurrency, as COVID-related lockdown triggered a significant interest in it.

The outbreak of coronavirus triggered a significant growth of cryptocurrency scams in early 2020. Now, the second wave of the pandemic might trigger another boost of fraudulent activity.

As the COVID-19 related lockdown forced people to stay at home, and the great many were left jobless, alternative means of earning money have been gaining more and more popularity. But are they legit?

Jack Dorsey, the co-founder and CEO of Twitter, has recently revealed that the company has created a special team who will be working on designing a public blockchain platform and open Twitter protocol, calling it “a future” for Twitter.

Fake news related to cryptocurrency, Coronavirus pandemic, and other fields that spread through social media like Facebook, Google, Twitter etc., are becoming a problem. That is why the European Commission urged the giants to strengthen measures against misinformation.

Twitter seems to be still vulnerable to hacks. A group of cyberattackers under the name ‘John Wick’ have gained access to the account of India’s Prime Minister (PM) Narendra Damodardas Modi and used it to promote a fake cryptocurrency schema.

The CEO of Ryanair, an Irish budget airline, Michael Kevin O’Leary (59-years of age), was involved in promoting another cryptocurrency scam without even knowing it. That made him turn extremely bearish and compare Bitcoin (BTC) itself to a scam.

The trend to use fake endorsements from celebrities seems to gain momentum. Scammers from the Philippines now exploit local celebrities as well as global giants.

Related to the growing number of Bitcoin (BTC) and other cryptocurrency scams using fake advertising, it becomes obvious that the industry needs regulation. Advertising influences people's purchasing decisions, therefore, good social engineering can turn it into a great instrument for luring customers into various digital currency-related scams.