The largest cryptocurrency exchange in America,, has warned users to be cautious of scams that may accompany its ongoing giveaway, which was recently advertised in an advertisement.
Coinbase warns users about scam
Coinbase wanted to attract new people to the emerging crypto industry and offered $15 to anyone who signed up using the QR code it displayed during the Super Bowl.
Security is 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
It could have been a fraud if it wasn’t from us.
– Coinbase (@coinbase February 14, 2022
This warning is vital because it warns that bad actors may use the ad to create nefarious plans to rob unsuspecting people of their money.
Similar scams have occurred when these con artists took advantage of major events.
Scammers used Elon Musk’s Saturday Night Live appearance to scam more than $10 million in Bitcoin and viewers.
Coinbase is warning because the Super Bowl attracts a large viewership (estimated at 100 million), so the ad may be seen by many people.
Already there are signs that the ad had an enormous effect as the traffic spike on Coinbase platforms caused temporary downtime.
Crypto Ads Dominate Super Bowl
Many crypto-related ads were displayed during the highly anticipated Super Bowl match between Los Angeles Rams and Cincinnati Bengals. Their main purpose was to attract more investors to the emerging industry.
Advertisements featuring crypto themes were created for firms such as FTX and eToro.
Regulators Draw a Line on Crypto Ads
Regulators around the world are becoming increasingly concerned about crypto ads. Regulators tend to say that most crypto-related ads fail to highlight the risks associated with the asset class.
In an effort to limit the types of ads their citizens are exposed too, Singapore, Spain and Britain have, among other things, launched many crypto ads regulations.
As regulators continue to be attracted to crypto spag it means that many crypto ads will change the tone and language from what we already know.