Scammers are usually responsible for poor individuals thousands of dollars but it is quite rare for a scam to make $1.1 million. The Michael Saylor giveaway scam, however, stole 26 BTC from a victim.

With the vast amount of legitimate projects out there, there are a few scams still existing in the cryptosphere. One of these scams is the Michael Saylor giveaway scam which recently received 26 BTC from a victim.

Michael Saylor Giveaway Scam

As per Mr. Whale on Twitter, the scam is regarded as the single largest payment ever made to a fake Michael Saylor giveaway scam. The TXid shows that the scammer got a massive 26 BTC or $1,140,567 through five payments at an average of $228,113.

The scam works like many other scams wherein victims send their money with a promise of a return or something for them to benefit from. After sending their money, they will no longer be able to retrieve it.

Scammers Targeting Crypto Owners

With previous scams usually accepting gift cards, the more modern scams target BTC and other cryptocurrencies due to them being easier to send and untraceable. Since victims can easily send over BTC directly to the scammer’s wallet, this eliminates the need for them to exchange the stolen goods into cash as they would with gift cards.

With crypto becoming more and more popular, aside from the conventional rugpull wherein the project runs off with the investor’s money, there are also other classic giveaway scams. Like the scam, these types of scams usually promise returns proportional to what victims put in.

Not the First Large Michael Saylor Giveaway Scam Victim

One common feature of these scams are that they are usually too good to be true and promise insane amounts of returns. An article by Yahoo Finance reported back in November that a certain user got scammed out of $179,000 in BTC to the same Michael Saylor giveaway scam.

As per the report, the scam was a “confirmed” giveaway scam which impersonated the chief executive officer of MicroStrategy, Michael Saylor. Aside from Michael Saylor, there are also other popular personalities being used to initiate these types of scams like Elon Musk and even other government agencies.

These types of frauds usually make an effort to disguise themselves as reliable popular figures to gain the trust of their victims. Of course, one of the best ways to tell if something is a scam, aside from doing research, is that if it sounds too good to be true, it most probably is.