Criminals behind these fraudulent videos impersonate Michael Saylor and encourage unsuspecting individuals to send them bitcoins, promising to double the amount in return. Saylor strongly advises users to exercise caution, clarifying that neither he nor MicroStrategy are involved in giving away cryptocurrencies.
The deceptive videos also claim that the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) will skyrocket the price of BTC, reaching $1 million. Allegedly, MicroStrategy is hosting the “largest cryptocurrency giveaway” prior to this event, offering participants the chance to receive 1,000 BTC and 10,000 ETH.
Fraudsters misleadingly state that no knowledge about cryptocurrencies is required, and all one needs to do is scan the QR code displayed in the videos. Additionally, the attackers urge “immediate participation” and guarantee unrealistic results.
“All this, of course, should immediately raise red flags. There are no free lunches,” emphasized the head of MicroStrategy.
Recently, Saylor announced that he would sell $216 million worth of company shares to acquire more bitcoins. While the current amount of BTC in his personal possession remains undisclosed, Saylor disclosed in October 2020 that he held 17,732 BTC. As for MicroStrategy, the company currently owns 189,150 BTC as of December 2023.
It’s worth mentioning that scammers previously exploited a deepfake of Ripple CEO Brad Garlinghouse for a fake XRP distribution scheme in November.