Michael Saylor, chairman of American business intelligence and software company MicroStrategy Incorporated, has issued a critical warning to the Bitcoin (BTC) community amid increasing fraud in the industry.
Michael Saylor's warning
Michael Saylor and MicroStrategy's reputation is constantly being used as a gateway for fraud, according to an X-Post revelation shared by the veteran innovator. In the latest scam, Michael Saylor noted that he and his team delete about 80 fake YouTube videos a day that are focused on promoting one form of fraud or another.
He warned community members that MicroStrategy will not give away free Bitcoin to anyone who scans a barcode. This warning comes amid a growing fraud model in which scammers ask users to perform certain actions to show their commitment or loyalty and have a chance of winning some rewards.
Some of these scammers' most popular promotions may involve asking unsuspecting users to send some money to a special wallet in order to double it in a few minutes or hours. Although it sounds too nice, many in the industry still fall for these scams.
Michael Saylor noted that there is no risk-free way for anyone to double their Bitcoin, as is widely speculated. MicroStrategy is an important target given the role the company now plays in the community, as it is the largest non-cryptocurrency company by Bitcoin holdings.
https://x.com/saylor/status/1746298365036343477?s=20
After years of intense accumulation, MicroStrategy now holds a total of 189,150 BTC Purchase of another 14,620 BTC for approximately $615.7 million at the end of December 2023.
Spot Bitcoin ETF: Time to be careful
Spot Bitcoin Exchange Traded Funds (ETFs) went live on the market last week After the U.S. Securities and Exchange Commission (SEC) ended a more than decade-long standoff, asset managers pursued the product.
With the product, the likelihood of new waves of scams is higher as it could take advantage of the hype surrounding spot Bitcoin ETFs and the willingness of non-cryptocurrency native investors to jump on the bandwagon.
The number of fraudsters has increased featured XRP and the Ripple ecosystem There has been a strong backlash against YouTube for some time now for not taking decisive action against these fraud schemes.
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