Cryptocurrency scammers are exploring new ventures. For some, the focus has seemingly shifted to YouTube. This new method of attack has proven to be rather lucrative so far.
A lot of harm can be done by creating fake video content. Whereas the recent Litecoin YouTube scam got some attention, it appears this is not the first iteration of fake crypto news. In previous weeks, criminals have primarily targeted holders of Ripple’s XRP.
Criminals Defraud XRP Holders
The approach is relatively straightforward. Someone – or a group of individuals – creates new channels on the video streaming platform. Their approach is to host live streams that do not even really exist. By playing into the “live” angle, they then try to persuade viewers to send XRP to an address specified below the video.
Users who send XRP to those addresses will lose their money. The people responsible for the video content have no intention of sending the funds back. Nor are there any airdrops or giveaways taking place.
While most users would not fall for these cheap tactics, there are a lot of newcomers in the industry. As such, these fake live streams can become very lucrative for criminals. It is believed that some of them are making tens of thousands of dollars per stream.
The big question is why nothing is done about it. Neither YouTube nor Google seems inclined to take these streams and channels offline. That type of behavior will only allow these scams to thrive.
As the criminals now expand their focus on other cryptocurrencies, this method will only become more popular. Setting up a fake YouTube live stream takes little to no effort. The potential earnings from doing so can be astronomical. A very problematic situation ensues.