Fake giveaway addresses continue to harm the cryptocurrency industry, with the latest example garnering over $1 million in BTC.
A confirmed scam address impersonating MicroStrategy’s Michael Saylor has received over $1.1 million in bitcoin in January alone. The CEO of the NASDAQ-listed company later revealed that his team reports such addresses almost constantly but to little-to-no avail.
- Impersonating scams in the crypto industry are a growing threat in which the perpetrators pretend to be a famous person from the community and offer to double all BTC that users send to their wallets.
- Needless to say, all BTC that is actually transferred to the scammers’ addresses are lost, and the victim does not receive anything in return.
- Although these scams sound too good to be true, people continue to fall victim quite frequently in the hope of free money.
- Michael Saylor, the CEO of the company that owns the most BTC and a personal HODLer himself, is frequently impersonated.
- The latest example came during the weekend as Whale Alert reported one address confirmed to be a Saylor-impersonating scam.
- Although it has been active for less than a month (January only), the wallet has attracted more than $1.1 million worth of bitcoin, which goes on to show the danger of such scams.
- MicroStrategy’s CEO commented on Whale Alert’s post later on, indicating that nearly 500 such scams went live on YouTube in just one week.
- He said his team continues to report them “every 15 minutes, and they are taken down after a few hours,” but they continue to pop up frequently.