YouTube Crypto Scam Steals Bitcoin, Ethereum and More: Do Not Fall for Fake Giveaways!

YouTube Crypto Scam Steals Bitcoin, Ethereum and More: Do Not Fall for Fake Giveaways!
According to a report, YouTube crypto scams that steal Bitcoin, Ethereum and other coins are running rampant. Fraudsters do this through fake giveaways. Photo : OZAN KOSE/AFP via Getty Images

According to a report, YouTube crypto scams that steal Bitcoin, Ethereum and other coins are running rampant. Fraudsters do this through fake giveaways.

With that said, there are key factors that people and investors should note to prevent being scammed of their cryptocurrencies.

YouTube Crypto Scam

YouTube has always been a powerful marketing and influencer tool, which is why it is a common destination for scammers, per Bitcoinist.

In addition to this, scammers have been using compromised YouTube accounts and videos to victimize several people.

With that said, Google has published a detailed information on how this YouTube crypto scam occurs. Apparently, a massive number of hijacked channels were renamed and used to livestream bitcoin scams.

To imitate huge tech or cryptocurrency trading organizations, the channel name, profile image, and content were all updated with cryptocurrency branding. The hackers broadcast livestreams offering Bitcoin rewards in exchange for a small payment.

Additionally, scammers utilize a few essential factors to promote these giveaways, per Tenable. The said factors include using the identity of notable personalities as well as newsworthy events.

To provide further detail on the YouTube crypto scam, hackers use a simple templated technique that consists of several components to advertise Bitcoin scam giveaways on the said platform.

4 YouTube Components That Scammers Use

4. Unrelated Interview Videos

Each YouTube video includes a portion with an irrelevant interview with a well-known personality. Scammers grab these films from YouTube using software and reused them in this templated video.

Because users place a high level of trust in influential voices, scammers create fake videos featuring cryptocurrency founders and co-founders.

Paired with a variety of available interview materials of well-known personalities on the internet, scammers have developed a technique that provides legitimacy to their works and has continued the efforts for years.

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Tenable added that they have observed the following interview footages of notable figures that hackers use to scam people on the streaming platform.

  • Charles Hoskinson, Cardano's creator, and Ethereum's co-founder
  • Vitalik Buterin, Ethereum co-founder
  • Brad Garlinghouse, Ripple Labs' CEO
  • Elon Musk, Tesla, and SpaceX CEO
  • Michael Saylor, MicroStrategy's chairman, and CEO

3. Fake Giveaway Tweets

Almost often, the YouTube crypto scam video also includes a part allocated to a fake tweet from a notable figure discussing the event or giveaways.

Tenable also noted that this portion is generally always present, however, there have been times when it is not.

In relation to the said giveaway, a section on the alleged giveaway event will explain why these well-known personalities are supposedly giving away Bitcoin. Moreover, it also indicates the total quantity of cryptocurrency they will presumably be giving away as part of the said event.

2. Rules of the Giveaway

In addition to the Bitcoin and Ethereum scam, the YouTube video contains a section explaining the giveaway guidelines. The said guidelines inform viewers that they could double their money by sending it to a Bitcoin or Ethereum address if they have as little as 0.1 BTC or 1 ETH.

However, there is no information on the addresses in these videos.

1. Link to the Giveaway Event

A portion of the video contains the link for the event or giveaway, but this part is not clickable.

This only means that users should manually type the link to access it. The link may occasionally be included in the description of the video by the fraudsters.

Related Article: Crypto Scams: How to Spot Fraud Cryptocurrencies Like SQUID, Tsuzuki Inu

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