Financial giant BlackRock has recently issued a warning regarding cryptocurrency-related scams on its social media channels. The company cautioned against dealing with individuals, websites, or social media accounts that use its brand to offer training or investment opportunities.
BlackRock emphasized that it does not reach out to people through social media platforms and urged the public to be wary of any such communications claiming to be from the company.
BlackRock’s Tweet – Source: X
BlackRock’s Stance on Cryptocurrency and Recent Developments
Last year, BlackRock took legal action against the owner of several fake domains that were impersonating the New York-based company to defraud investors, including some related to cryptocurrency.
In a recent interview with CNBC, BlackRock CEO Larry Fink expressed a shift in perspective, calling Bitcoin a “legitimate” investment. This marks a notable change from his 2017 dismissal of the cryptocurrency as merely a tool for money laundering.
In January, BlackRock launched a highly successful Bitcoin ETF, followed by the launch of its Ethereum ETF earlier this month. The Ethereum ETF has notably outperformed competing products in the market.
Cryptocurrency Investment Scams and the Role of Generative AI
Data from the Federal Bureau of Investigation (FBI) reveals that cryptocurrency investment scams led to nearly $4 billion in losses in the US last year.
The increasing sophistication of generative AI technology has made it easier for scammers to create convincing deepfakes, which they use to deceive and defraud crypto investors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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