• Crypto scams are increasingly taking place on YouTube.
• A digital security firm has been monitoring the growing network of crypto fraud schemes via video platforms like YouTube, estimating that they are operated by a network of about 30 people.
• These fraudulent videos aim to steal money from unsuspecting victims with fake comments and applications like Telegram, often targeting Tether users who don’t realize they’re being conned.
Growing Crypto Scams on YouTube
According to a new report, YouTube is becoming a haven for crypto fraud schemes which aim to steal money from unsuspecting victims. A digital security firm has been monitoring the growing network of these scams, estimating that they are operated by a network of about 30 people who use applications like Telegram to communicate and/or run their operations.
Targeting Tether Users
These fraudulent videos appear legitimate at first due to high numbers of likes and comments, however it’s believed these are all fake in order to make the videos look more real. Many of these schemes are centered around the popular stable coin Tether, aiming to target users who don’t realize they’re being conned.
Fooling Recommendation Algorithms
The group behind this operation have also copied and pasted comments from other YouTube videos onto their own in order to fool recommendation algorithms and make them appear more real. It is suggested that these scams aren’t particularly profitable yet but the perpetrators have figured out how to game YouTube’s algorithms with a straightforward approach.
Challenges for Social Media Platforms
Moderating social media content is a huge challenge for platforms such as YouTube when it comes to preventing crypto scams from occurring or gaining traction online. With Secure Inc., believes that it’s important for users to be aware of what scams may be lurking on social media platforms so that they can protect themselves against them.
Preventative Measures Against Scams
Users should always thoroughly research any platforms or applications before investing in them as well as ensure their accounts have strong passwords and two-factor authentication enabled at all times. Additionally, if something appears too good to be true then it probably is – so staying vigilant when perusing through video content online is key in protecting oneself against crypto scams on social media platforms like YouTube.
