- Michael Saylor, the President of MicroStrategy Incorporated, issued a critical warning to the Bitcoin (BTC) community following the rise in scams in the industry.
- Michael Saylor mentioned that they are currently removing about 80 fake YouTube videos every day, each promoting a type of scam.
- Given MicroStrategy’s role in the community as the largest non-crypto-focused firm in terms of Bitcoin assets, it has become a significant target.
Michael Saylor is warning the crypto community against increasing scams: Saylor and the company’s reputation are being exploited!
Warning Against Scams from Michael Saylor!
Michael Saylor, the President of MicroStrategy Incorporated, issued a critical warning to the Bitcoin (BTC) community following the rise in scams in the industry. According to a post on X, Michael Saylor’s and MicroStrategy’s reputation is consistently being used as a gateway to defraud people.
In the latest scam operation, Michael Saylor mentioned that they are currently removing about 80 fake YouTube videos every day, each promoting a type of scam. The warning comes after the emergence of a scam model where scammers ask users to perform certain actions to demonstrate loyalty or commitment, claiming that MicroStrategy is giving free Bitcoin to anyone who scans a barcode.
Some of these scammers may ask users to send money to a specific wallet to double the amount in a few minutes or hours. Although it may seem genuine, many people still fall victim to these scams in the industry. Commenting on this, Michael Saylor stated that there is no risk-free way to double one’s Bitcoin, and it is not as widely speculated.
Given MicroStrategy’s role in the community as the largest non-crypto-focused firm in terms of Bitcoin assets, it has become a significant target. Following an intense accumulation process, MicroStrategy acquired an additional 14,620 BTC for approximately $615.7 million in late December 2023, bringing their total Bitcoin holdings to 189,150 BTC.
Spot Bitcoin ETF: Time to Be Cautious
Spot Bitcoin Exchange Traded Funds (ETFs) began trading in the market last week, marking the end of more than a decade that the United States Securities and Exchange Commission (SEC) has been monitoring the product.
With the introduction of spot Bitcoin ETFs, the hype surrounding them and non-crypto-native investors ready to jump on the trend could increase the likelihood of new waves of scams. The rising number of scams has been targeting the XRP and Ripple ecosystem for some time and has been met with a strong reaction against YouTube for not effectively addressing these scam models.
