Network Ten says it will take action to warn viewers about a series of scam advertisements claiming Shark Tank investors are associated with Bitcoin and cryptocurrency trading platforms.
Earlier this year, entrepreneur Steve Baxter drew attention to the ads by sharing an ad on The World of Fame website, which included an article claiming that Baxter and fellow Shark Tank investor Glen Richards took part in a “bidding war” to invest $2.5 million for a 20% stake in cryptocurrency business Bitcoin Trader.
The story was a fake and the deal never happened, but the promotions also included fake quotes from the sharks about cryptocurrencies and Bitcoin Trader.
On social media this week, viewers have pointed out a range of other suspicious online ads that include images of the sharks endorsing Bitcoin offers.
@9NewsAUS why is https://t.co/2dLWJOOiOF running the notorious scam shark tank ads do they not care who pays the bills ?
— vance (@DoctorVance) May 14, 2018
Shark Naomi Simson took to Twitter earlier this week to say the ads are “a complete scam” and she has asked Facebook and Google to remove them.
It’s a complete SCAM we have reported to Google and Facebook to fix https://t.co/UNzDgPTdHA
— Naomi Simson (@NaomiSimson) May 12, 2018
Season four of Shark Tank airs tonight at 8:30pm. This morning, the Network Ten confirmed to SmartCompany it is aware of the ads and will be warning viewers to steer clear.
“Network Ten is aware of the recent internet scam incorrectly advertising the sharks from Shark Tank endorsing Bitcoin Trader,” a spokesperson for the network said.
“The ad is completely false and misleading. Network Ten has ensured that all Shark Tank social media sites, the official website and tenplay exhibit clear warnings cautioning viewers and potential consumers of the scam.”
