Cybersecurity firm Tenable has warned users to be on the lookout for fake cryptocurrency giveaways on social media, as fake Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu giveaways proliferate on platforms like YouTube Live.
"While scammers hijacking legitimate YouTube accounts to promote fake crypto gifts are not new, people are still being misled, making these scams extremely lucrative," Tenable said in an official statement.
It has calculated that in a subset of YouTube Live scams found within the last month alone, the scammers have stolen at least $ 8.9 million.
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"Scammers are taking advantage of compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu, and other cryptocurrencies," said Satnam Narang, Tenable's staff research engineer.
“Monitored Bitcoin scams received $ 8.2 million in stolen funds, for an average amount of $ 1.6 million per scam. Ethereum scams received $ 413k in stolen funds, receiving an average of $ 82,778 per scam. Ultimately, the Shiba Inu scams earned $ 239,000 in funding, receiving an average of $ 34,192 per scam, ”Narang added.
Fake YouTube videos
Scammers have noticed that users increasingly trust influential voices. Taking advantage of this fact, scammers create fake videos with the founders and co-founders of cryptocurrencies, as well as notable individuals associated with cryptocurrency companies or CEOs of companies that have promoted the use and / or discussed the purchase of cryptocurrencies for their balance sheets. Business. to scam the victims.
“Combined with the plethora of images from existing interviews with many of these notable figures, the scammers have developed a formula that adds legitimacy to their efforts and has continued to work for years. Additionally, current events featuring high-profile individuals provide the perfect food for scammers as they can draw significant interest from audiences looking to view live streaming footage on YouTube, ”said Tenable.
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In a series of fake YouTube Live videos identified by Narang, the scammers used images of notable figures such as Elon Musk, CEO of Tesla and SpaceX, Michael Saylor, President and CEO of MicroStrategy and a fervent supporter of Bitcoin, Vitalik Buterin, Ethereum co- founder, Charles Hoskinson, founder of Cardano and co-founder of Ethereum and Brad Garlinghouse, CEO of Ripple Labs
A common factor among all these fake YouTube Live streams is that users are directed to external websites that claim to duplicate a user's cryptocurrency, be it Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, or Shiba Inu. This technique is the gold standard for cryptocurrency scams.
"It's really important for users to be skeptical of YouTube Live videos that promise giveaways from notable figures like the old ones and new people who may emerge in the future," Narang said.
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Never send cryptocurrency to enter a giveaway as it is unlikely to be genuine and you will not be able to get your digital money back once it has been sent. It is also important that viewers help to play their role and report on these YouTube Live videos, as there is a possibility that they will save someone from being a victim, ”Narang warned.
Users can report these videos on YouTube by clicking the flag icon below the video and selecting the "spam or deceptive" category and selecting "scams or fraud" from the drop-down menu.
