• According to a new report, YouTube is becoming a haven for crypto fraud through fraudulent videos.
• These videos appear legitimate due to fake likes and comments and are operated by a network of about 30 people.
• These scams typically target existing cryptocurrency investors with low-quality videos in different languages, though they don’t appear to be making much money at the time of writing.
Crypto Scams on YouTube
A recent report from With Secure Inc., a digital security firm, has revealed that YouTube is becoming increasingly popular amongst those looking to commit crypto fraud. Videos posted on the platform often appear genuine due to their high numbers of likes and comments, which are likely false and designed to lure unsuspecting victims into investing their money with the wrong people.
The fraudulent network consists of around 30 individuals who use applications such as Telegram to communicate and operate their schemes. Most of these scams revolve around the digital currency Tether (a stable coin) and involve copying comments from other YouTube videos onto their own in order to make them look more legitimate.
Lack of Profitability
While these scams have been able to game YouTube’s recommendation algorithms through simple means, it doesn’t seem like they are particularly profitable at this point in time. According to Andy Patel, an intelligence researcher at With Secure: “I do not believe these particular scams are very profitable… however they’ve clearly figured out how to game YouTube’s recommendation algorithms by using a straightforward approach.“
Social Media Moderation Challenges
Moderating social media content has posed some major challenges for platforms like YouTube; however, there have been some successes in finding and eliminating scam accounts before too much harm can be done. For example, Google recently removed around 600 channels from its platform after discovering that they were part of a large network attempting various tactics related to scamming users into investing in cryptocurrencies or other fraudulent activities.
Despite efforts being made by tech giants like Google, it seems as though scammers will always find ways around security protocols in order for them to carry out their illicit activities online – especially when it comes down to cryptocurrencies which remain highly susceptible due its decentralized nature. Therefore, it is important for users who wish invest in digital currencies or participate in crypto trading activities online remain vigilant when dealing with unfamiliar entities or platforms that may be connected with crypto fraud schemes.