Michael Saylor, Chairman of US business intelligence and software company MicroStrategy Incorporated, has issued a critical warning to the Bitcoin (BTC) community in the wake of a rise in fraud in the industry.
Michael Saylor warning
Michael Saylor and MicroStrategy’s reputation is constantly being used as a gateway to scam people according to revelations in X’s post shared by the veteran innovator. In the latest scam, Michael Saylor noted that he and his team are removing about 80 fake YouTube videos per day that focus on promoting one form or another of fraud.
Community members cautioned that MicroStrategy is not offering free Bitcoin to anyone who scans the barcode. This warning comes in the wake of a growing scam pattern in which scammers ask users to perform some actions to show their engagement or loyalty for a chance to win some rewards.
In some of the most common moves by these scammers, they may ask unsuspecting users to send some funds to a designated wallet to double them in a few minutes or hours. Although this sounds very good, many in the industry still fall for these scams.
Commenting on this, Michael Saylor pointed out that there is no risk-free way for anyone to double their Bitcoin, as is widely expected. MicroStrategy is a prime target, considering the role the company now plays in society, as the largest non-cryptocurrency-focused company in terms of Bitcoin holdings.
https://x.com/saylor/status/1746298365036343477?s=20
After years of intense accumulation, MicroStrategy now owns a total of 189,150 BTC Buy an additional 14,620 Bitcoin For approximately $615.7 million in late December 2023.
Spot Bitcoin ETF: Time to Be Cautious
Bitcoin Exchange Traded Funds (ETFs) It went live on the market last week After the US Securities and Exchange Commission (SEC) ended a stalemate that had lasted for more than 10 years in which asset managers had been pursuing the product.
With the product, the chances of new fraud waves are higher as the hype surrounding Bitcoin ETFs can be exploited and non-crypto native investors are willing to jump on the train.
The number of scams has increased XRP and the Ripple ecosystem emerged For some time there has been intense backlash against YouTube for not taking decisive action against these fraud models.