Financial giant BlackRock has issued a warning to the public about cryptocurrency-related scams using its brand. The company is cautioning individuals to be vigilant of fraudulent websites, social media platforms, or individuals offering training or investments under the guise of BlackRock.

BlackRock emphasized that it never initiates contact with individuals through social media platforms, and any such approaches should be treated with skepticism. This warning comes after the company took legal action against owners of fake domains impersonating BlackRock to defraud investors, some of which were related to cryptocurrency.

One notable example was a fake XRP exchange-traded fund (ETF) named "BlackRock iShares XRP Trust" submitted by a fraudster, causing a significant price surge in the Ripple-affiliated altcoin. BlackRock later confirmed that the filing was fake, highlighting the need for caution in the cryptocurrency space.

BlackRock's warning serves as a reminder to be cautious of fraudulent activities in the cryptocurrency market. The company's CEO, Larry Fink, recently shared his thoughts on Bitcoin, describing it as a speculative asset. This warning and Fink's comments underscore the importance of being vigilant and doing thorough research before investing in cryptocurrency.

As the cryptocurrency market continues to grow, it is essential to be aware of potential scams and fraudulent activities. BlackRock's warning is a timely reminder to prioritize caution and verify the authenticity of investment opportunities to avoid falling victim to cryptocurrency-related scams.