BlackRock imposters target crypto ETF investors

BlackRock alerts investors about a rise in crypto scams targeting its iShares spot Bitcoin and Ether products and advises caution against social media impersonators.
BlackRock alerts investors about a rise in crypto scams targeting its iShares spot Bitcoin and Ether products and advises caution against social media impersonators.

BlackRock, the New York-based asset management goliath, noticed an uptick in crypto scammers targeting its iShares spot Bitcoin and Ether exchange-traded funds (ETF) investor base and issued an alert against social media impersonators.

On July 29, BlackRock urged investors to avoid all social media interactions with individuals or businesses posing as BlackRock representatives that typically bait victims by offering training or investments. The warning said:

“There has been a spike in investment-related scams, including directing users toward crypto investment-related websites and/or social media platforms such as WhatsApp or Telegram.”

Scammers increasingly target Bitcoin ETF investors

Scammers impersonating BlackRock actively target crypto ETF investors through social media platforms. Users are advised to note that BlackRock never contacts users through social media platforms to demand payments or offer investments.

Source: BlackRock

BlackRock attracts major Bitcoin investment

BlackRock’s iShares Bitcoin Trust (IBIT) raked in $19.7 billion in Bitcoin (BTC) in roughly seven months since its launch on Jan. 11. It currently stands as the leader in terms of total inflows, with more assets under management than all nine other United States-approved spot BTC ETF providers combined.

Check out Cointelegraph’s detailed guide to understand how BlackRock’s Bitcoin ETF works and its underlying benefits and opportunities for investors.

Related: BlackRock Bitcoin ETF records biggest inflow day since March at $523M

Robert Mitchnick, BlackRock’s head of digital assets, said the firm sees “very little interest” among clients in crypto beyond Bitcoin and Ether (ETH) while speaking at the Bitcoin 2024 conference on July 25 in Nashville, Tennessee. He said:

“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two.”

Mitchnick added that he expects investors to eventually allocate around 20% of their crypto holdings to ETH, with the remainder going to Bitcoin.

BlackRock CEO Larry Fink recently revealed having a change of heart about Bitcoin and believes that the decentralized asset is “digital gold” and a “legitimate” financial instrument.

“It (Bitcoin) is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns,” he said a CNBC interview with Jim Cramer.

Magazine: THORChain founder and his plan to ‘vampire attack’ all of DeFi