Crypto fraudsters have ramped up their efforts by inventing new ways to swindle their victims, according to recent research, which shows that they are now creating YouTube videos of key persons in the crypto business to boost the supply of the fake cryptocurrency.
Crypto criminals were able to defraud unwary consumers of an estimated $9 million in October, according to a report by Tenable, with fraudulent gift campaigns including crypto-assets such as Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu.
Tenable has discovered that fraudsters frequently exploit old, insignificant, and unrelated YouTube videos showing crypto industry superstars like Elon Musk, Vitalik Buterin, Michael Saylor, and others, together with videos containing tweets offering false events details.
Fraudsters frequently have a specific space in the video comment section where they promise to double the number of crypto donations provided to viewers at their preferred crypto wallet address, according to the report.
A closer examination of the study revealed how the fraud benefited the perpetrators. According to the research, criminals made almost $ 8 million from Bitcoin-related scams, and $ 413,000 from Ethereum, the second-highest crypto-asset fraud scam in the winter market.
It was also found that scammers have benefited from the popularity of the Shiba Inu meme coin, as they have defrauded people out of $240,000.
Fraudsters frequently leverage news-related events in the crypto environment to carry out their nefarious operations, according to Tenable study. According to the study, fraudsters hijacked dozens of YouTube channels to promote bogus programming scams and steal more than $ 9 million during the time when Elon Musk appeared on Saturday Night Live.
You may recall that we reported on a number of cryptocurrency-related scams in which crooks were able to defraud unsuspecting victims. Crypto enthusiasts and investors should be wary of donations that promise to double their money and should conduct their own research before investing in any cryptocurrency or taking part in any event.