A scam address impersonating MicroStrategy’s Michael Saylor received over $1.1 million in Bitcoin in January

Fake giveaway addresses continue to plague the crypto industry, with the latest example raising over $1 million in Bitcoin.

Bitcoin worth $1.1 million sent to a confirmed Michael Saylor giveaway scam

A confirmed scam address impersonating Michael Saylor of MicroStrategy received over $1.1 million in bitcoin in January alone. The CEO of the listed company NASDAQ later revealed that his team reported such addresses almost continuously but to no avail.

Impersonating scams in the crypto industry is a growing threat. The perpetrators pretend to be famous people from the community and offer double all BTC that users send to their wallets. All BTC transferred to the scammers’ addresses are lost, and the victim doesn’t receive anything in return.

While these scams sound too good to be true, people continue to fall victim quite often in the hope of earning free money. Michael Saylor, the company’s CEO that owns the most BTC and is a personal HODLer himself, is frequently impersonated.

The latest example came over the weekend when Whale Alert reported an address confirmed to be a Saylor impersonation scam. Although it has been active for less than a month (January only), the wallet has attracted more than $1.1 million in BTC, showing how dangerous such scams can be.

MicroStrategy’s CEO later commented on the Whale Alert post, pointing out that nearly 500 such scams popped up online on YouTube in just one week. He said his team continues to report them “every 15 minutes, and they are taken down after a few hours,” but they continue to pop up frequently.

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