Financial behemoth BlackRock has issued a warning about cryptocurrency-related scams on its social media account.

“We urge caution in dealing with individuals, websites or social media platforms using our brand and offering training or investments,” BlackRock said.

BlackRock has stressed that it never contacts anyone through social media platforms.

Fake crypto domains

Last year, it took legal action against the owner of various fake domains that were impersonating the New York-headquartered company in order to defraud investors. Some of the bogus websites were related to crypto.

From a tool for money laundering to a legitimate investment

During a recent CNBC interview, BlackRock CEO Larry Fink said that he views Bitcoin as a “legitimate'” investment. In 2017, Fink dismissed the largest cryptocurrency as merely a tool for money laundering.

In January, BlackRock launched a highly successful Bitcoin ETF. Earlier this month, the company’s Ethereum ETF also went live, significantly outperforming competing ETF products.

Crypto scams are still rampant

According to data provided by the Federal Bureau of Investigation (FBI), cryptocurrency investment scams resulted in nearly $4 billion worth of losses last year in the US.

The rise of generative AI makes it easier for scammers to create convicting deepfakes in order to defraud crypto investors.