Bitcoin worth $1.14Mn Stolen By Scammers!

After sending the equivalent of 26.4 bitcoins to an address confirmed as a bitcoin scam by crypto tracking service Whale Alert, a bitcoin user lost $1.14 million. The online thieves impersonated MicroStrategy CEO Michael Saylor to initiate the scam.

“This scam received the single largest payment ever to a fake giveaway,” Whale Alert tweeted, describing it as a “nightmare come true. We suspect this payment was made through a Coinbase address.”

According to Whale Alert, the theft occurred on Coinbase and YouTube, which were used as scam platforms by con artists to impersonate Saylor. The YouTube channel has been removed, and the website has returned an error message. The 26.4 BTC was sent to the primary scam address in five transactions, according to a payment record.

Saylor has long been a firm supporter of bitcoin and impersonating him is one way the scammers operate and the pity is why do people fall for such scam?

Greed says one of our analysts. it is all about greed and if you have that many BTCs you must be greedy to earn double of that amount without making a bigger effort on your part.

Saylor’s company has purchased 124,391 BTC since August 2020, making it the largest holding of any publicly traded entity.

This is not the first time someone used Saylor’s name to steal BTC. Nearly 3 BTC ($179,000) were stolen by scammers who were impersonating the MicroStrategy CEO in November last year.