BlackRock impersonators target crypto ETF investors
BlackRock, the New York-based asset management goliath, has noticed a surge in crypto fraudsters targeting the investor base of its iShares spot bitcoin and ether currency funds (ETFs) and issued a warning against social media imposters.
On July 29, BlackRock urged investors to avoid all social media contact with individuals or businesses that promote victimization through training or investment. The warning said:
There has been a significant increase in investment-related scams, including directing users to crypto-investment-related websites and/or social media platforms such as WhatsApp or Telegram.
Scammers are increasingly targeting Bitcoin ETF investors
Fraudsters impersonating BlackRock actively target crypto ETF investors on social media platforms. Users are advised to note that BlackRock will never contact users through social media platforms to solicit payments or invest.
Blackrock attracts major Bitcoin investment
BlackRock's iShares Bitcoin Trust (IBIT) has earned $19.7 billion in Bitcoin (BTC) in the seven months since its January 11 launch. It currently ranks as the leader in total revenue, with more assets under management than 9 other US companies combined. State approved spot BTC ETF providers combined.
Check out Cointelegraph's detailed guide to understand how BlackRock's Bitcoin ETF works and its fundamental benefits and opportunities for investors.
RELATED: BlackRock Bitcoin ETF Records Biggest Day of Gains Since March With $523M
Robert Michnick, BlackRock's head of digital assets, said at the Bitcoin 2024 conference in Nashville, Tennessee on July 25, 2024 that the company sees “very little interest” among customers beyond Bitcoin and Ether (ETH). he said:
“Our customer base today, their interest is first in Bitcoin, then to a lesser extent in ETH… and today there is very little interest in the greater of the two.”
Michnik added that he expects investors to eventually allocate 20% of their crypto holdings to ETH, with the rest going to Bitcoin.
BlackRock CEO Larry Fink recently revealed that he has had a change of heart about Bitcoin and believes that the decentralized asset is “digital gold” and a “legitimate” financial instrument.
“It[Bitcoin]is probably a legitimate financial instrument that allows you to have a disproportionate type of return,” he said in a CNBC interview with Jim Cramer.
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