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Home»Altcoins»BlackRock warns investors of increasing cryptocurrency scams
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BlackRock warns investors of increasing cryptocurrency scams

August 10, 2024No Comments3 Mins Read
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Asset management giant BlackRock has issued a crucial warning to investors about a significant increase in crypto scams targeting holders of its iShares spot Bitcoin and Ether ETFs. The company took to social media platform X to alert the public about fraudsters posing as BlackRock representatives, urging investors to exercise caution.

BlackRock’s recent advisory highlights a concerning increase in scams designed to exploit social media platforms. These fraudsters create fake accounts, impersonating BlackRock executives, and attempt to connect with unsuspecting investors. The company’s message is clear: Avoid interacting on social media with people claiming to represent BlackRock, especially those soliciting investments or payments.

According to BlackRock, these scams often lure victims to fraudulent websites or social media platforms like WhatsApp and Telegram, where they are tricked into making investments. The rise in these types of scams is particularly alarming for Bitcoin ETF investors.

The firm has made it clear that it never contacts individuals through social media to offer investment opportunities or requests for payment. The tough stance is part of BlackRock’s broader efforts to protect its investors from increasingly sophisticated scams.

Since its inception on January 11, BlackRock’s iShares Bitcoin Trust (IBIT) has seen significant growth, amassing $19.7 billion in total capital flows. This rapid expansion underscores the fund’s importance in the market and the increased scrutiny it faces from scammers.

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At the recent Bitcoin 2024 conference in Nashville, Tennessee, Robert Mitchnick, head of digital assets at BlackRock, addressed the issue of increasing scams. He noted that investor interest is largely focused on Bitcoin and Ether, with little interest in other cryptocurrencies. Mitchnick predicts that investors will eventually allocate about 20% of their cryptocurrency holdings to Ether, with the majority remaining in Bitcoin.

BlackRock CEO Larry Fink recently changed his mind about Bitcoin, calling it “digital gold” and recognizing it as a legitimate financial instrument. During an interview, Fink highlighted Bitcoin’s potential to offer uncorrelated returns, making it an attractive investment, especially in times of economic uncertainty and currency debasement caused by excessive deficits in some countries.

Despite the excitement around Bitcoin and Ether, Mitchnick has expressed caution about launching ETFs for other cryptocurrencies like Solana and XRP. He cited concerns about the maturity, liquidity, and regulatory clarity of these assets. At the Bitcoin 2024 conference, Mitchnick mentioned that the SEC’s unease with Ether spot ETFs that offer staking opportunities could delay approval of ETFs based on altcoins like Solana and XRP.

BlackRock’s proactive approach to warning its investors about the rise of cryptocurrency scams is a testament to its commitment to investor protection. With the growing popularity of Bitcoin and Ether comes increased vigilance against fraudulent activity. Investors are advised to stay informed and cautious, ensuring their investments are protected from potential scams.



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