Larry

BlackRock

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Financial behemoth BlackRock has issued a <a href="https://x.com/BlackRock/status/1817672808853377193">warning</a> about cryptocurrency-related scams on its social media account.&nbsp;</p>
<p dir="ltr">"We urge caution in dealing with individuals, websites or social media platforms using our brand and offering training or investments," BlackRock said.&nbsp;</p>
<p dir="ltr">BlackRock has stressed that it never contacts anyone through social media platforms.&nbsp;</p>
<h2 id="fake-domains-and-fake-filings">Fake domains and fake filings&nbsp;</h2>
<p dir="ltr">Last year, it took legal action against the owner of various fake domains that were impersonating the New York-headquartered company in order to defraud investors. Some of the bogus websites were related to crypto.&nbsp;</p>
<p dir="ltr">Last December, an XRP exchange-traded fund (ETF) called “BlackRock iShares XRP Trust” was submitted by a fraudster, pushing the price of the Ripple-affiliated altcoin significantly higher. BlackRock ended up issuing a statement that the filing was fake. &nbsp;</p>
<h2 id="from-a-tool-for-money-laundering-to-a-legitimate-investment">From a tool for money laundering to a legitimate investment&nbsp;</h2>
<p dir="ltr">During a recent CNBC interview, BlackRock CEO Larry Fink said that he views Bitcoin as a "legitimate'" investment. In 2017, Fink dismissed the largest cryptocurrency as merely a tool for money laundering.&nbsp;</p>
<p dir="ltr">In January, BlackRock launched a highly successful Bitcoin ETF. Earlier this month, the company's Ethereum ETF also went live, significantly outperforming competing ETF products.&nbsp;&nbsp;</p>
<h2 id="crypto-scams-are-still-rampant">Crypto scams are still rampant&nbsp;</h2>
<p dir="ltr">According to data provided by the Federal Bureau of Investigation (FBI), cryptocurrency investment scams resulted in nearly $4 billion worth of losses last year in the US.</p>
<p dir="ltr">The rise of generative <a href="https://u.today/ethereums-buterin-reveals-genius-hack-to-beat-deepfakes">AI</a> makes it easier for scammers to create convicting deepfakes in order to defraud crypto investors.&nbsp;</p>

BlackRock Issues Major Crypto Warning

Table of Contents

U_Today

Other articles published on Jul 29, 2024

Ripple to Unlock 1 Billion XRP Tokens Worth $609M on August 1 – Should You Buy Now?

El Salvador Proposes Using Bitcoin for Trade with Russia

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Ferrari to Extend Cryptocurrency Payments to Europe by July End

Trump Says Bitcoin Will 'Skyrocket Like Never Before' If He Returns To The White House, Promises ...

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

Join our free newsletter for daily crypto updates!