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BlackRock‘s iShares Bitcoin Trust IBIT has seen its record-breaking streak of inflows come to an end on Wednesday.

What Happened: According to data from SoSoValue, IBIT recorded no net inflows for the day, snapping a 71-day stretch of continuous investment.

On Wednesday, spot Bitcoin ETF flows saw net outflows totaling $121 million, signaling a turbulent day for cryptocurrency investments.

Notably, Grayscale’s Bitcoin Trust ETF (GBTC) registered the most substantial single-day outflow, withdrawing $130 million.

Contrasting this, Fidelity Wise’s Origin Bitcoin Fund FBTC emerged as the frontrunner for inflows, attracting $5.61 million in a single day, followed closely by the collaborative ETF from Ark Invest and 21Shares ARKB, which saw an influx of $4.17 million.

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Also Read: Jack Dorsey Wants To Make Bitcoin Mining As Easy As Plugging In A Lamp: Here’s How

Hong Kong Steps Into The Crypto ETF Arena

The news of BlackRock’s pause coincides with a significant development in the Asian market.

HashKey Exchange announced the completion of the first-ever cryptocurrency subscription for Bitcoin and Ethereum spot ETFs offered by Hong Kong-based Bosera International and HashKey Capital.

This subscription model allows for redemption without immediate sale of the underlying assets, potentially offering cost and liquidity benefits to investors.

Hong Kong’s foray into cryptocurrency ETFs marks a potential turning point for the Asian market.

These ETFs are expected to begin trading on the Hong Kong Stock Exchange on April 30, providing investors in the region with a new avenue for cryptocurrency exposure.

What’s Next: The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will convene industry leaders, analysts, and investors to discuss these critical developments.

This conference presents a unique opportunity to gain insights into the future of Bitcoin ETFs, cryptocurrency subscriptions, and the broader digital asset ecosystem.

Don’t miss out on this chance to stay ahead of the curve in this rapidly changing market.

Read Next: Why Is MOG Crypto Coin Going Up? Trader Sees ‘Billions’ As Price Target

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Scammers are exploiting the rising popularity of Telegram and its associated cryptocurrency, Toncoin (TON), to execute a highly scalable scheme design to pilfer the digital tokens from unsuspecting users. Kaspersky researchers have discovered the operation, which has been active since November 2023, and warns that it is a growing threat.

Victims are being lured into the scheme via an invitation to join an “exclusive earning program” received from a contact in their list. The invitation leads them to an unofficial Telegram bot, falsely touted as a cryptocurrency storage solution. The victims are then instructed to link it to a legitimate wallet and to buy Toncoins through official channels such as the official Telegram bot or through cryptocurrency exchanges.

After duping victims into purchasing the coins, scammers push them to buy so-called ‘boosters’ using a separate bot, stating that this is the step needed to commence earning. The ‘boosters’, likened to those seen in online games, are misleadingly marketed as tools that allow users to capitalise on their coins further. “This scheme resembles boosters in online games – by purchasing one, the user gains additional advantages,” explains Olga Svistunova, Senior Web Content Analyst at Kaspersky. Once bought these ‘boosters’ cost victims their cryptocurrency, and the money lost is irreversible.

Following the purchase of the scam ‘boosters’, users are manipulated into propagating the scheme. They are encouraged to create a private Telegram group with their friends and acquaintances, share a specially generated referral link and a video with instructions on earnings. The scammers claim that at least five people should join the private group via the referral link before a victim can start earning. They are also told that they will receive payment for each friend invited and will make a commission from each of the fraudulent ‘boosters’ purchased by those they have referred.

Alluding to the potential scale of the scam, the Telegram Open Network (TON) was developed by the Durov brothers and is now backed by an independent community. Telegram itself has reached 900 million monthly users and ranks globally as the 6th most used and 6th most downloaded app. This expansive user base increases both the potential pool of victims and the likely impacts of the scheme.

Kaspersky experts have urged all users to exercise caution when encountering offers of quick riches, even if they are received from friends or acquaintances. Avoid transferring cryptocurrency to unknown or suspicious wallets, and consider comprehensive protection for your digital assets, such as Kaspersky Premium which alerts you to suspicious websites and guards your wallet against scammers, miners and other threats. Staying updated and informed about the latest fraudulent schemes is another effective protective measure.