Crypto scammers make $9 million on fake YouTube streams |
A new report from cybersecurity company Symantec has found that scammers have made $9 million through fake YouTube streams. The scam can be hard to detect, requiring a complicated process of clicking on the streaming link and opening it in an entirely different browser window or app.
The “future of cryptocurrency 2021” is a question that many are asking. It is important to know what the future holds for cryptocurrencies, as they are still relatively new and have much potential.
Crypto fraudsters have ramped up their efforts to come up with new methods to swindle their victims, according to recent study, which shows that they are now doctoring YouTube videos of key persons in the coin business to promote fraudulent crypto giveaways.
Scammers profited $9 million by doctoring YouTube videos.
According to Tenable’s study, crypto fraudsters were able to swindle unsuspecting consumers of $9 million in October by feigning giveaways involving crypto-assets such as Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu.
Tenable discovered that fraudsters often utilize outdated, irrelevant, and unconnected YouTube interview videos with prominent figures in the crypto field such as Elon Musk, Vitalik Buterin, Michael Saylor, and others, along with tweets promoting the phony giveaway event.
Scammers generally have a special space in the video comment section where they offer to double the quantity of crypto contributions submitted to their desired crypto wallet address, according to the report.
A closer examination of the study revealed how the con artists benefitted from the hoax. According to the research, fraudsters received more than $8 million from Bitcoin-related scams, while they received $413,000 from Ethereum giveaway schemes.
It was also found that the fraudsters took advantage of the rising popularity of the Shiba Inu meme currency, defrauding individuals out of about $240,000.
Scammers often use notable occurrences in the crypto world to carry out their malicious activities, according to the Tenable report. The article said that when Elon Musk appeared on Saturday Night Live, fraudsters hijacked a number of YouTube channels to push bogus giveaways schemes of the program, and they were able to take over $9 million at the time.
You may remember that we have previously reported on a number of crypto-related scams in which the criminals were able to defraud naïve victims. Crypto investors and aficionados should be aware of freebies that promise to double their money, and they should conduct their own research before investing in any cryptocurrency or attending any event.
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