$1.1 million worth of bitcoin was sent to a fraudulent address that used the name “Michael Saylor”


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Since the inception of the Arab Bitcoin, until now, we have not hesitated to warn of fraudulent operations in the cryptocurrency market.

And one of these fraudulent methods that we warn of, which appeared a long time ago and is still bearing fruit until now, is the method of sending an amount and getting double what was sent.

But what the user gets is losing only what he sent.

Recently, a scam address impersonating Michael Saylor, CEO of MicroStrategy, received more than $1.1 million in bitcoin in January alone.

The CEO of the Nasdaq-listed company later revealed that his team reports such addresses almost constantly, but to no avail.

As we told at the beginning of the article, crypto industry impersonation is a growing threat in which perpetrators pretend to be a famous person in the crypto community and offer to double all the bitcoin that users send to their wallets.

Needless to say, all bitcoins that have already been transferred to the scammers’ addresses are lost irreversibly, and the victim receives nothing in return.

Even though these scams make promises that sound too good to be true, people keep falling victim to them repeatedly in hopes of getting free money.

Michael Saylor, CEO of the company with the most bitcoins, is often impersonated.

The latest example came over the weekend where the “Whale Alert” Twitter account reported the confirmation of one address as a scam impersonating Saylor.

Although it has only been active for less than a month (January), the wallet has attracted in excess of $1.1 million in bitcoin, which continues to show the danger of such scams, and it still pays off with users especially novices.

The CEO of MicroStrategy later commented on Whale Alert’s post, noting that nearly 500 scams were posted on YouTube in just one week.

He said his team keeps reporting on them every 15 minutes, and they shut down after a few hours, but they keep showing up repeatedly without getting bored.

Beware of such tricks and duty.

Read also:

Report: Over 50 questionable crypto projects built on the Binance blockchain

After the fake reports… “Walmart” submits official documents to the organizers to enter the crypto space and “metaverse”

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