2024

Bitcoin

Spot

Michael Saylor, the tech titan synonymous with Bitcoin and his massive holdings at MicroStrategy, has issued a warning: the cryptocurrency world is awash in scams, and your beloved Bitcoin might be at risk.
Saylor’s stark revelation comes from the frontline of the <a href="https://www.investing.com/news/cryptocurrency-news/microstrategys-michael-saylor-warns-of-aigenerated-bitcoin-scam-videos-93CH-3274094" target="_blank" rel="noopener noreferrer nofollow">battle against fraud</a>. His team, a tireless digital janitorial squad, mops up an astonishing 80 fake YouTube videos every day, each one a meticulously crafted trap for unsuspecting investors.
<h2 data-sourcepos="5:1-5:460" id="strong-scammers-take-advantage-of-michael-saylor-s-name-strong">Scammers Take Advantage Of Michael Saylor’s Name</h2>
These nefarious schemes, often masquerading as free Bitcoin giveaways or quick-flip money doublers, exploit the names of industry giants like Saylor and MicroStrategy to lend themselves an air of legitimacy.
But behind the mask lies a grim reality. Scammers leverage the allure of easy riches and prey on the excitement surrounding recent events like the approval of Spot Bitcoin ETFs. Their tactics are diverse, ranging from enticing “engagement rewards” that lure victims into sending away their crypto to blatantly fake giveaways promising mountains of BTC in exchange for a simple scan of a QR code.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;"> Warning <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;"> There is no risk-free way to double your <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a>, and <a href="https://twitter.com/MicroStrategy?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@MicroStrategy</a> doesn’t give away <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> to those who scan a barcode. My team takes down about 80 fake AI-generated <a href="https://twitter.com/YouTube?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@YouTube</a> videos every day, but the scammers keep launching more. Don’t trust, verify. <a href="https://t.co/gqZkQW02Ji" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/gqZkQW02Ji</a>
 — Michael Saylor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@saylor) <a href="https://twitter.com/saylor/status/1746298365036343477?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 13, 2024</a>
</blockquote>
“There is no risk-free way to double your Bitcoin,” Saylor cautions. This golden rule, often lost in the frenzy of the cryptosphere, should resonate with every investor. Remember, if it sounds too good to be true, it probably is.
MicroStrategy, with its record-breaking <a href="https://finance.yahoo.com/news/microstrategy-btc-holding-worth-more-085138574.html" target="_blank" rel="noopener noreferrer nofollow">Bitcoin reserves</a>, makes a particularly juicy target for these digital grifters. Saylor points out that his company’s reputation is constantly being hijacked to lend credibility to elaborate scams. This underscores the need for extreme caution, especially when encountering offers involving prominent figures or companies in the space.
<h2 data-sourcepos="11:1-11:374" id="strong-michael-saylor-cautions-brace-for-a-wave-of-emerging-scams-strong">Michael Saylor Cautions: Brace For A Wave Of Emerging Scams</h2>
But the threat extends beyond MicroStrategy. The arrival of Spot Bitcoin ETFs, much anticipated by the industry, has Saylor worried about an impending wave of new scams. With the influx of non-crypto-native investors eager to jump on the bandwagon, scammers will have a fresh pool of potential victims to exploit.
Michael Saylor isn’t the only one raising the alarm. The Ripple ecosystem, long plagued by scam accusations, has further fueled concerns about YouTube’s role in hosting and allowing these illicit activities to flourish. The platform’s lax approach to policing its content has drawn sharp criticism, leaving many to wonder if enough is being done to protect investors.
Featured image from Getty Images

Michael Saylor Warns Public: Avoid Scams Promising Free MicroStrategy Bitcoin

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