The Financial Services Commission (FSC) has indicated that the fraudulent use of well-known individuals, leading businesses, news sites, government agencies, and prominent individuals in marketing financial products and services is a key indicator of a scam, which can cause considerable damage to investors.

The FSC believes that fraud is becoming increasingly sophisticated with these “heavyweight bogus endorsements” to promote cryptocurrencies that don't exist, or aren't necessarily legitimate. She thus warns the public not to make hasty investment decisions based solely on alleged approvals from well-known figures. The FSC recommends understanding investment products and the potential risks associated with cryptoassets, recognizing early signs of investment fraud, such as unsolicited investment offers, with promises of return that are too brilliant to be true.