The cryptocurrency market has grown significantly this year, and while this is a good thing, it has created a space that fraudsters are exploiting to scam new investors. One of the platforms that are being exploited to scam new crypto investors is YouTube.
YouTube is one of the most affluent marketing and influencer platforms in the market. Scammers are now using compromised YouTube videos to steal millions of money.
YouTube being used by scammers
A recent report stated that most of the scams in the market were related to false giveaways. These giveaways are advertised on YouTube through channels that have been compromised.
YouTube channels of prominent people have been hijacked by hackers and used to promote fake giveaways. Through these giveaways, the fraudsters promise users that they will be rewarded in massive returns, and they even use the images of prominent people to lure victims.
Most of the videos used by scammers involve a fake interview with some of the most prominent Bitcoin and crypto supports such as Elon Musk, Vitalik Buterin and Michael Saylor. During these fake interviews, they promote a fake giveaway.
In the crypto space, the prices of assets are usually promoted by the thoughts of influential figures. Therefore, when a video is fabricated using these prominent people, it creates a situation where the prices of the assets they are talking about increase and investors are lured into participating in the giveaways.
Millions have been lost to cryptocurrency scams
The scams linked to YouTube have proven effective considering a large amount of money lost to victims who have participated in these fake giveaways.
One of the most popular scams in the market involves an account belonging to Michael Saylor that was hijacked. Through this account, scammers promised that they would double the Bitcoin sent to a certain crypto wallet.
According to the recent report, this account had increased from 41 BTC to 132 BTC, coming from money stolen through crypto scams. At the time of writing, this amount is worth around $7.7 million.
Last month, one of these scammers walked away with around $9 million stolen from users. The said wallet contained a large portion of Bitcoin and Ethereum.