John Bollinger warns of a cryptocurrency scam impersonating him, involving a fake firm called ‘Diamond Ridge Asset Management.’ Scammers use counterfeit copies of his book to gain trust before soliciting investments, reportedly leading to losses of up to $60,000. Bollinger emphasises caution and the need for investors to verify offers to protect against fraud.
John Bollinger, the well-known technical analyst famous for creating Bollinger Bands, has recently put out a dire warning regarding a cryptocurrency scam that is using his name to con unsuspecting investors. The scheme has scammers portraying themselves as his associates to lure in potential victims, which is quite troubling.
These fraudsters are operating under the guise of a fictitious firm named “Diamond Ridge Asset Management.” They’ve been distributing forged versions of Bollinger’s noted book, Bollinger on Bollinger Bands, first published back in 2001. This misleading practice is aimed at boosting their credibility and tricking unsuspecting investors into trusting them.
Once they’ve managed to earn – or rather, trick – their way into the victims’ trust, these scammers start asking for investment in fake crypto opportunities. One case even reported a loss as staggering as $60,000 for a victim. Bollinger stressed the necessity of vigilance, advising, “Never, never accept solicitations on ‘my’ behalf!” It’s worth noting that this behaviour is not just unethical, it also falls under copyright infringement.
This situation sheds light on a wider issue in the cryptocurrency realm, where impersonation scams seem to be on the rise. As more individuals venture into digital assets, they’re often targeted by unscrupulous characters looking to exploit their lack of experience or knowledge in the market. Given Bollinger’s global recognition for his contributions to technical analysis, it’s disheartening to see his name tied to such deceitful activities.
Bollinger’s warning serves as a critical reminder for all investors; it’s vital to verify any investment offers and be cautious of any communications claiming to originate from him or his associates without proper proof. Awareness and scepticism are crucial shields against these scams.
While Bitcoin (BTC), Ethereum (ETH), and XRP continue to capture attention with their market fluctuations, it’s essential for traders to not only focus on market dynamics but also be aware of the increasing security risks inherent in the cryptocurrency space. Keeping abreast of the latest scams and security advisories is pivotal to safeguarding one’s investments.
Ensure you rely on trustworthy sources and scrutinise any unsolicited investment proposals, particularly those involving well-known figures like John Bollinger. Staying informed is the best hedge against falling victim to these scams.
