Tenable recently alerted users about fake crypto giveaways on YouTube Live and other social media platforms. These giveaways typically lure in unsuspecting users and tempt them with Dogecoin, Ethereum, and/or Bitcoin. Eventually, these giveaways turn out to be scams, and the users who sign up for them end up losing their money.
According to Tenable’s research, scammers stole almost a whopping $9 million in October across numerous YouTube live streams. The scammers would typically operate by hacking into legit YouTube accounts and announcing crypto giveaways. On average, each scam generates $1.6 million for the scammers.
The scammers also used footage of well-known figures in the world of crypto to appear genuine and legitimate to users. For instance, Ethereum co-founder Vitalik Buterin’s footage was used along with the footage of Ethereum co-founder and Cardano founder Charles Hoskinson. Other notable figures whose footage have been used include MicroStrategy CEO Michael Sayor, Ripple Labs CEO Brad Garlinghouse, and SpaceX and Tesla CEO Elon Musk.
The scammers typically operate like this – after hijacking a YouTube channel, they typically announce crypto giveaways on YouTube Live. Viewers tuning in to a live stream are typically given links to external websites where they have to send their own cryptocurrencies for participating in the giveaway. However, once the cryptocurrencies are sent, users have no way to get them back.
So, if you’ve been tempted by these fake YouTube crypto giveaways, now you know that you should steer clear of them at all costs. You should also report the videos and encourage your friends to do the same.