Crypto Scammer on the Prowl as YouTube and Twitter Become Central to Bitcoin Scams

Conventional hacking has become useless, with a high level of security that comes with crypto-currency. But cons and scams are like insects that survive the harshest of conditions and cryptocurrencies see their fair share of similar swindles. Many conmen have begun to become more creative to dupe crypto-investors through scams perpetrated over social media such as YouTube and Twitter. Schemes have begun to exploit innocent crypto enthusiasts through fake reward-events and giveaways

The YouTube Tactic

Crypto-currency swindlers nowadays have begun to conduct fake giveaways in the name of reputed crypto companies. A move like this had made them 110,000 dollars richer in a recent scandal leading to the company to have to issue a formal notice for its users advising them not to believe such ads. But it was too late since the perpetrators had already amassed millions of cryptocurrencies and the unsuspecting customers had their share severely reduced.

The Twitter Way

Another technique used by these crypto thieves is by way of twitter. Scammers have begun to hack well-known, heavily followed and verified twitter accounts. After being hacked, these accounts encourage their thousands of customers to invest a 1000 dollars in bitcoin to get a 2000 dollar giveaway prize. As the trusting followers follow suit, the hackers gather all these submitted altcoins, and the follower keeps waiting for the non-existent prize money to show up.

Developing their methods

These crypto-conmen are steadily making their attack even more developed and head-on. They’re making dozens of fake accounts for a made-up crypto-company to advertise heavily across all major social media platforms about their money-duping giveaways. They’ve formed dedicated groups to disguise their empty promises in an intricately-laid curtain with sophisticated tactics. They are even getting big-name brands to collaborate with their fake brands to trap more and more users that may believe them to be real by seeing a popular name attached to their (fake) company. 

Various governments around the world are endeavouring to tighten their cyber-security laws since a lot of a nation’s economy regulated online. Such attacks will soon be awarded severe penalties to discourage the increasing number of scams. For now, a big part of the onus lies with the major social media companies on whose platforms these scammers operate. They must develop accurate software to find out these no-gooders and stop them before they get away with even more money than before.