• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home ASIA

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

CB4U by CB4U
January 21, 2022
in ASIA
0
Crypto Scam Steals $400K In Seven Hours. Is YouTube Complicit?
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

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.

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.

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

Advertisement Banner
Previous Post

Terra Price Prediction: Increased Selling Pressure Heads LUNA Price Lower To $65

Next Post

These Are the Crypto Economy’s 10 Most Expensive Assets per Unit in 2022 – Markets and Prices Bitcoin News

CB4U

CB4U

Next Post
These Are the Crypto Economy’s 10 Most Expensive Assets per Unit in 2022 – Markets and Prices Bitcoin News

These Are the Crypto Economy's 10 Most Expensive Assets per Unit in 2022 – Markets and Prices Bitcoin News

Discussion about this post

RECOMMENDED

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

9 months ago
Top Crypto Metaverse Games To Play For Free In 2022 

Top Crypto Metaverse Games To Play For Free In 2022 

3 months ago

DON'T MISS

SEC Said to be Considering Retail Staking Ban

SEC Said to be Considering Retail Staking Ban

February 9, 2023
AXS Price Prediction: Axie Rises by 57% to $11. Is this a Sign of Investing in the Token? 

AXS Price Prediction: Axie Rises by 57% to $11. Is this a Sign of Investing in the Token? 

February 9, 2023
What is decentralized storage, and how does it work?

What is decentralized storage, and how does it work?

February 9, 2023
U.S. Democrats Seek More Info On Federal Crypto Mining Data Collection

U.S. Democrats Seek More Info On Federal Crypto Mining Data Collection

February 9, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

SEC Said to be Considering Retail Staking Ban

SEC Said to be Considering Retail Staking Ban

February 9, 2023
AXS Price Prediction: Axie Rises by 57% to $11. Is this a Sign of Investing in the Token? 

AXS Price Prediction: Axie Rises by 57% to $11. Is this a Sign of Investing in the Token? 

February 9, 2023
What is decentralized storage, and how does it work?

What is decentralized storage, and how does it work?

February 9, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian