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Blockchain Scam Raises Money by Pretending to Be Associated With the Olympics

The Chinese Olympic Committee introduced on April eight that it’s repeatedly acquired complaints about unlawful advertising pertaining to the upcoming Olympic Games.

People claiming to be a part of the so-called “World Olympic Sports Foundation” say they’re utilizing blockchain know-how to assist folks spend money on particular merchandise and different industrial developments pertaining to the Olympics. But that cash truly leads to the pockets of nameless scammers.

They make reference to the Tokyo Olympics Torch Relay to trick folks into parting with their cash, pondering it’s going to a real trigger. The Chinese Olympic Committee’s authorized crew emphasised in an announcement that: 

“First, owners of the Olympic Symbol have the exclusive rights to the Olympic intellectual property. Second, Olympic official activities have a strict approval process and rules, and it will not allow third parties to carry out relevant sponsor solicitation and financing without the presence of the Committee itself.” 

As Cointelegraph reported a pair days in the past, the vast majority of the blockchain firms that closed down final 12 months in China have been both cryptocurrency scams or had poor enterprise fashions.

Although the Tokyo Olympics have been delayed till 2021 because of the pandemic, unlawful Olympic fundraising disguised by blockchain nonetheless exhibits up in China.

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