- BlackRock stated a warning against scammers targeting ETF investors.
- The firm is one among the leading ETF issuers of the US spot Bitcoin and ETH ETFs.
US-based ETF giant BlackRock recently announced that there has been a notable rise in scammers targeting its ETF investors. The asset management firm has issued several ETP products including a spot Bitcoin ETF and a spot Ethereum ETF, launched in 2024.
Notably, the asset management firm announced in its X account warning users to be cautious of scammers impersonating BlackRock. It stated that hackers are using such methods to draw users into social media groups and fake training sessions. BlackRock has identified that most of the scammers target investors from its two recent launches, the spot BTC and ETH ETFs.
BlackRock stated in its X account:
“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.”
Moreover, the firm released a detailed report of the different ways that are employed by the fraudsters and measures to prevent the loss of funds. Additionally, the firm stated that they do not contact users through social media platforms and to beware of impersonators.
Furthermore, within its report, BlackRock identified methods such as phishing websites, impersonation of BlackRock employees, and fake training sessions through social media platforms. Meanwhile, the firm’s ETF products have shown considerable inflows over the past few days. Notably, the BlackRock spot ETH ETF witnessed $87.22 million inflows on July 26 according to Sosovalue data.
Are Crypto Scams Surging Recently?
In the past few months, the incidents of cryptocurrency scams have shown increases. This month, India’s leading cryptocurrency exchange, WazirX lost $260 million worth of funds in a major hacking incident. Additionally, this hack also accounts for the largest scam this year.
Previously, a scam website impersonated the Zoom platform to steal cryptocurrency funds from users. In the past day, blockchain platform Casper Network suspended its activities following a security breach.
Finally, the Indian government recently published a report that showed an increase in cryptocurrency-related drug cases over the past four years.
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