Saturday, November 27

R$50 million in cryptocurrencies were stolen from YouTube in one month

A study carried out by Tenable claims that at least 50 million reais in cryptocurrencies were stolen through scams involving fake YouTube lives. The three most used coins in the scams were Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB).

This type of scam is old and happens on all social networks. Scammers use either the name of the company or person to, with their credibility, get users to send funds to them. As cryptocurrency transactions are irreversible, this money is lost.

Despite this, good practices can help you not to fall for these scams. First of all, it’s important to note that no one will return you twice as much money as you send, that’s the basics. Other details, such as verified account, can also help you not to fall for scams, this also goes for fake news.

How or hit it works

According to a report by Tenable, the scammers use real videos of famous people, such as Elon Musk, CEO of Tesla, Vitalik Buterin, creator of Ethereum, and Michael Saylor, CEO of MicroStrategy and advocate of Bitcoin.

They also incorporate new elements into the video, such as fake tweets and links to external sites where the scam takes place. There is also a placeholder for the rules of this investment that promises to double your money, clearly a scam.

Below are the model used, as well as two examples of fake lives whose purpose is to steal people’s money. Note that the channels have many subscribers and the videos have also gained many likes.

Model used many times. Source: Tenable
Fake live scam using video and name of Michael Saylor. Source: Tenable
Fake live scam using video and name of Elon Musk. Source: Tenable

By tracking the wallets of scammers, Tenable discovered that the scam has managed to steal at least 50 million reais in cryptocurrencies in the last month. Amount dominated by BTC, which corresponds to 46 million reais.

How to protect yourself from these scams

First, nobody is going to give you money. So having common sense and knowing that no one is going to give you twice what you send is a great start.

In addition, large channels like Tesla’s have the checked symbol, just to avoid these scams. You can also check this detail on other social networks like Twitter and Instagram.

Finally, it is important that you report these coup attempts if you encounter any. This way you can help other users who are not aware of this type of scam, as the platforms will remove the content quickly.

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