In what appears to be the single largest payment ever to a fake giveaway, a Bitcoin user has lost $1.14 million to online scammers. The Bitcoin fraudsters were posing as MicroStrategy CEO Michael Saylor.
Whale Alert Confirms 26.4 BTC Sent to Bitcoin Fraudsters
Crypto tracking service platform Whale Alert has confirmed an address that received 26.4 Bitcoin (BTC) from the user as a Bitcoin scam. Whale Alert broke the news by tweeting “A nightmare come true” for the user who fell for this online scam.
Whale Alert revealed that the source of the 26.4 BTC was likely from a Coinbase wallet. Transaction records show that the user sent the BTC in five transactions. The online thieves baited users to their scam using YouTube and a website called ms22. The Bitcoin fraudsters disabled the YouTube channel and website once they received the funds.
The more cryptocurrency continues to gain track into the mainstream, the more Bitcoin scams. Social media platforms are the most common avenues that scammers use to steal from people. The fraudsters promise investors that their funds would double or quadruple if they transfer them to a particular wallet. However, the funds are lost once transferred.
Moreover, these online thieves use high-profile individuals who have publicly expressed their support for cryptocurrency. Last year, there were several scams impersonating billionaire Elon Musk.
Michael Saylor Used as Bait to Fraud Bitcoin Users
Michael Saylor is a huge Bitcoin advocate. His company, MicroStrategy, has purchased 124,391 BTC since August 2020 and has a total value of $5.39 billion worth of Bitcoin. This is not the first time a Bitcoin investor has lost funds to a Michael Saylor impersonator. Last November, a user sent 3 BTC ($179,000) to another giveaway impersonating the MicroStrategy CEO.
Saylor stated that at least 489 scams launched on YouTube last week. While his team reports them every 15 minutes and gets them taken down, the fraudsters continue to launch more scams.
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