Mumbai, Nov 24, : Crypto-scammers have stolen at most $8.9 Million via cryptocurrency giveaways on fake YouTube accounts used by celebrities, according to a Wednesday report. Tenable, a cyber exposure company, has warned users to be aware of fake cryptocurrency giveaways on Social Media.Fake Bitcoin, Ethereum and Dogecoin, Cardano Ripple, Cardano Cardano, Ripple and Shiba Inu giveaways proliferate via YouTube Live.
The company discovered that scammers were using fake YouTube Live videos of prominent figures like Michael Saylor, chairman of MicroStrategy, Vitalik Buterin, and Charles Hoskinson.They also used footage of Brad Garlinghouse (CEO of Ripple Labs) and Elon Musk, Tesla CEO.
Although scammers are not new to hijacking YouTube accounts in order to promote fake cryptocurrency giveaways, these scams are still very lucrative, the company stated in a statement.
“The Bitcoin scams took $8.2 million in stolen money, an average of $1.6 million per scam.The average scam involving Ethereum was $82,778 and received $413k in stolen money.Shiba Inu scams received $239,000 in stolen funds and averaged $34,192 per scam,” stated Satnam Narang of Tenable, staff researcher.
Scammers know that users trust influential voices and create fake videos featuring co-founders and founders of cryptocurrency, as well as notable individuals associated to cryptocurrency companies or CEOs who have discussed the purchase of cryptocurrencies.
The report stated that scammers had developed a formula that added legitimacy to their efforts, and it has been used for years.
All of these fake YouTube Live streams have one thing in common: users are directed to websites that claim to double users’ cryptocurrency.This could be Bitcoin, Ethereum or Dogecoin, Ripple, Cardano or Shiba Inu.
Narang stated that YouTube Live videos claiming giveaways from well-known figures like the ones mentioned above or new individuals may be a red flag.
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