• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
YouTube scams on the rise
Nexo

Crypto Scam Steals $400K In Seven Hours. Is YouTube Complicit?

Best Owie by Best Owie
4 months ago
in Crypto News
0

Crypto scams are on the rise and the scammers are getting more sophisticated with their tactics. Some, however, have continued to use old and known tricks which have continued to garner more victims. Most of these crypto scams are perpetrated on social media platforms that are expected to take on the burden of keeping their users safe. They have failed to do this.

YouTube has become what is essentially a cesspit of crypto scams. This ranges from the “influencers” who convince their subscribers to buy into shitcoins or straight-up scams using the identity of well-known individuals. Such is the case in this report where a fraudulent YouTube video has managed to scam users out of about $400,000 and counting.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Fake Cathie Wood Video Scamming Users

A YouTube channel started livestreaming a video of ARK Invest CEO Cathie Wood talking about cryptocurrencies in the early hours of Friday. Also included in the video were Tesla CEO Elon Musk and Block CEO Jack Dorsey. The trio who are known to be among the most vocal personalities in the space were talking about bitcoin like they would in any conference. The problem was, this conference was held months ago.

Related Reading | What Went Wrong In The Crypto.com (CRO) Hack? Experts Weigh In

Nevertheless, this did not stop users from believing that it was being livestreamed. The video also included graphics talking about it being an official Ark Invest even, when it is clearly not, as well as blocks of texts highlighting a giveaway. The scam used in this one is simple; send so and so amount worth of bitcoin or ethereum to an account and they would send the user back double the amount.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Crypto total price chart from TradingView.com

Total crypto market cap falls below $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com

In the description of the video was a link to a website that housed the wallet addresses victims were supposed to send the money to. One would think this scam was see-through but it is not so. At the time of writing, there have been over 150 transactions on both wallets provided with about $400K already siphoned off unsuspecting investors.

The funds sent to these addresses have since been moved across multiple accounts but following the trail showed that the scammers have made over $150K in bitcoin and more than $230K in ethereum.

What Is YouTube Doing About Crypto Scams?

YouTube is the biggest streaming platform, so it is no surprise that scammers naturally gravitate towards the platform given the larger pool of potential victims. Thing is, scams like these have been going on for a while. They have been reported to YouTube numerous times but it seems the platform has refused to take any steps to stop these scammers.

Related Reading | Grey Hat Hacker Agrees To Return 80% Of Funds Stolen In Multichain Exploit

Bitcoinist reported that users had lost more than $7.7 million in a single month to YouTube scams back in November. These scams which usually feature a video from a prominent figure can last for days before they are stopped.

The livestream highlighted in this report had been running for more than 7 hours at the time of writing. Despite calls to draw attention to the scam, YouTube did not take the account down and left it running for hours. The account was finally removed by the platform after almost 8 hours citing a violation of its ToS. However, it was a little too late as over 150 people had lost thousands of dollars to the scammers.

Featured image from MalwareBytes Labs, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Best Owie

Best Owie

Related Posts

Crypto.com

Crypto.com Steps Up To Boost Security And Privacy Studies Via Donations

13 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

16 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

17 hours ago
South Korean Regulators Introduce New Licensing Frameworks To Protect Cryptocurrency Investors

South Korean Regulators Introduce New Frameworks To Protect Cryptocurrency Investors

21 hours ago
Crypto

Now You Can Pay In Crypto And Buy A Tag Heuer Watch Online

1 day ago
Ripple

Ripple To Fund The Acceleration Of Global Carbon Markets; Dedicates $100M

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.