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Crypto Scammers net $9M from fake YouTube Ads in Oct.

Crypto scammers profited $9 million through phony YouTube adverts last month.

According to research conducted by cyber security firm, Tenable, the fraudsters leveraged on a range of elements, including faking the identity of key industry figures, newsworthy events, rising crypto prices, and investors sentiment.

This enabled the crypto scammers to lure unsuspecting viewers and eventually rip them off their digital assets such as bitcoin, ethereum, Cardano, and others.

Tesla CEO Elon Musk, Ethereum co-founder Vitalik Buterin, Cardano founder Charles Hoskinson, and Microstrategy boss Micheal Saylor are some of the industry pioneers whose identities were faked.

Template used by Crypto Scammers
Via: Tenable

To promote their fake cryptocurrency giveaway, the fraudsters employ a five-unit template. In one instance, the scammers breached a YouTube account with over 2 million followers, using it to carry out their fraudulent activities with the help of the template highlighted above.

RELATED: Ex-Man United player Anderson fingered in Crypto scam report

How to report YouTube Crypto Scammers

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YouTube crypto scammers have been on the rampage, In the last few years, hijacking accounts and using doctored videos to defraud investors.

In Oct., tech giant Google released a report detailing how the scheme works and the safety measures that are being adopted to tackle the problem.

To curb this incessant dilemma, viewers are advised to report all unpleasant content found on the platform. This can be done in three easy steps:

  1. Click on the flag icon underneath the video.
  2. Select “Spam or Misleading” from the dropdown menu.
  3. Click next.

That’s it! You’ve just increased the chances of YouTube flagging the video and probably saved other investors from falling prey.

NEXT: El Salvador should not accept bitcoin as legal tender, IMF fumes

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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