Michael Saylor Issues Warning on Rising Bitcoin Frauds

• Saylor reveals that MicroStrategy and his fame are often used to defraud individuals.
• The Chairman and his colleagues remove over 80 fraudulent YouTube videos per day.

In light of the increasing number of frauds utilizing Bitcoin, Michael Saylor, Chairman of MicroStrategy Incorporated, has delivered an emphatic caution to the crypto community.

A twitter post made public by Saylor reveals that MicroStrategy and his fame are often used to defraud individuals. Also, according to the Chairman, whose fake image and details are often used by scammers, he and his colleagues remove over 80 fraudulent YouTube videos per day that promote various types of fraud.

Too Good to be True

Moreover, community members should be aware that MicroStrategy does not provide free Bitcoin to anyone who just scans barcodes, as he cautioned. This caution follows an increasing fraud model in which con artists ask victims to prove their devotion or commitment in exchange for a chance to win prizes.

Scammers often utilize the tactic of asking naive victims to deposit funds into a special wallet with the promise that their money would be doubled within a short period of time (sometimes minutes or hours). Many people in the sector continue to fall for these scams, even if they seem too good to be true.

Michael Saylor commented on this, saying that contrary to popular belief, there is no foolproof method for anybody to double their Bitcoin. Given the business’s current position in the community, MicroStrategy is a prime target. Also, it is the biggest non-crypto-focused firm by Bitcoin ownership.

Following years of aggressive building up, MicroStrategy acquired 14,620 BTC for over $615.7 million in late December 2023, bringing its total holdings to 189,150 BTC.

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