A Michael Saylor Giveaway Scam Garnered $1.1 Million Worth Of BTC

A recent Michael Saylor giveaway scam netted $1.1 million worth of Bitcoin as these fake giveaways continue to harm the crypto industry as we are reading in today’s Bitcoin scams news.

A confirmed scam address impersonating MicroStrategy’s Michael Saylor netted over $1.1 million in BTC back in January alone. The CEO of NASDAQ-listed company revealed that his team reports these addresses almost daily but to no avail. The Michael Saylor giveaway scam netted a million worth of BTC but impersonating scams in the industry are a growing threat where the scammers pretend to be someone famous from the community and offer to double their coins with the users sending to their wallets.

🚔 A payment of 26 #BTC (1,124,191 USD) was just made to a confirmed Michael Saylor Giveaway scam!https://t.co/YNYRBLBt4P

— Whale Alert (@whale_alert) January 15, 2022

All BTC that gets transferred to the scammers’ addresses is lost and the victim doesn’t receive anything in return. These scams sound too good to be true and people continue to fall victims often while hoping to get free money. Michael Saylor, the CEO of the company owns the most BTC and is a personal HODLer himself and he gets impersonated frequently. The latest example came during the weekend as Whale Alert reported one address that impersonated Saylors’. Although it has been active for less than a month as the wallet attracted more than a million worth of BTC which goes on to show the danger of these scams.

Microstrategy’s CEO commented on the Whale Alert post indicating that about 500 of these scams went live on YouTube in one week. He said that the team continues to report them every 15 minutes and they get taken down after a few hours but still pop up frequently.

As recently reported, Microstrategy, the well-known company led by prominent BTC maximalist Michael Saylor, announced that his company Microstrategy bought an additional $94 million worth of BTC. The company made a name for itself in the past few years when it came to acquiring BTC. Today, Saylor announced that the company purchased another 1,914 BTC for $94.2 million in cash. The average price of the purchase was around $49,229 per coin. At the time of writing, the company owns 124,391 BTC which is worth nearly $3,75 billion.

As recently reported, Microstrategy could lend their BTC of the company and generate more yields according to the latest reports from Michael Saylors’ company. On a corporate, this decision makes a lot of sense but what kind of implications will this decision have?