Blackrock, the world’s largest asset manager with $10.5 trillion in assets under management, has warned about cryptocurrency scams. The firm urged caution when dealing with individuals, websites, or social media platforms using its brand to offer training or investments. Blackrock noted a spike in scams directing users to crypto investment-related websites or platforms like Whatsapp and Telegram.
Blackrock Issues Warning on Crypto Scams
Blackrock, the world’s largest asset manager, warned about cryptocurrency scams on Sunday. Blackrock reported nearly $10.5 trillion in assets under management (AUM) in the first quarter. In a post on social media platform X, Blackrock wrote:
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.
“We urge caution in dealing with individuals, websites, or social media platforms using our brand and offering training or investments,” the asset manager added. “Blackrock and our firm’s executives never contact anyone through any social media platforms … with investment offerings or to solicit payment of any kind. Please remain vigilant and if you suspect fraudulent activity, do not proceed.”
According to Blackrock, scammers may pretend to be employees or senior executives promising high investment returns. “Common schemes include inviting individuals to stock or crypto training sessions on social media and offering to share trading signals,” the asset manager warned. “As part of cryptocurrency scams, victims may be prompted to place trades on various fake trading platforms and asked to deposit additional funds before withdrawing the returns of their fake investments.”
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed $23 billion since its January launch, making it the leading spot bitcoin ETF in the U.S. Additionally, Blackrock has introduced an ether ETF.
Larry Fink, CEO of Blackrock, has shifted from skepticism to advocating for bitcoin, now viewing it as “digital gold.” He believes BTC is valuable for investors seeking protection from economic instability and currency debasement, emphasizing its crucial role as a portfolio asset. “I do believe there’s a real need for everyone to look at it as one alternative to, I would say, the optimism that I have in the world,” he recently stated.
Source: Bitcoin
