• Crypto scams are proliferating on YouTube due to the high numbers of likes and comments they appear to receive.
• A digital security firm, With Secure Inc., has been monitoring the growing network of crypto fraud schemes via video platforms like YouTube.
• The scammers use applications like Telegram to communicate and/or run their operations, with many of these schemes centered around the digital currency Tether.
Growing Number of Crypto Scams on YouTube
A new report from With Secure Inc., a digital security firm, reveals an increasing number of cryptocurrency frauds being orchestrated on YouTube. Many of these videos appear legitimate at first glance due to their high number of likes and comments, but it’s estimated that these are all fake.
The Network Behind Crypto Fraud
The group behind this scam network consists of approximately 30 people who use applications such as Telegram to communicate and run their operations. They often copy and paste comments from other videos in order to make them look more real, while also making recommendations for fraudulent applications in order to steal money from unsuspecting victims.
Tether Targeted by Scammers
Many of these scams are focused on the stablecoin Tether (USDT). According to researcher Andy Patel from With Secure, “I do not believe these particular scams are very profitable”; however he noted that the scammers have become successful in gaming YouTube’s recommendation algorithms through a straightforward approach.
Social Media Moderation Challenges for Platforms
It is becoming increasingly difficult for platforms such as YouTube to moderate social media content effectively and prevent scams from taking place. However, at present it doesn’t appear that the criminals behind this scam network have made much money yet, though this could easily change if they find someone willing to invest larger amounts into their scheme.
How To Avoid Becoming a Victim
In order to protect yourself against falling prey to crypto fraud schemes on YouTube, it is important that you check out reviews and feedback regarding any platform or application before investing funds into it – no matter how attractive it may seem at first glance!