Amid fears of cyberattacks and kidnappings
BlackRock’s iShares Bitcoin Trust (IBIT) has received more than $5 billion worth of Bitcoin from investors seeking to custody it through the exchange-traded fund, amid concerns about kidnappings and other attacks.
“Robbie Mitchnick,” BlackRock’s head of digital assets, told Bloomberg that this trend will grow, citing kidnappings, ransom demands, and failures in asset custody, according to BeInCrypto.
Nor does this currency exchange add new money to Bitcoin, as ETF purchases occur when investors bring in cash.
Chainalysis recorded 46 violent attacks on cryptocurrency holders through late June, compared with 40 attacks the previous year, with kidnappings accounting for nearly half. U.S. spot Bitcoin ETFs recorded inflows of $25.6 billion this year, but paid out $26.1 billion through November 5
