Cryptocurrency offering scams will triple by 2022, YouTube tops the list of platforms used to promote scams Closely followed by Twich, according to Group-IB

A new report sheds light on the growing number of cryptocurrency scams in 2022. The whole idea seems to be related to luring innocent victims and robbing them of their hard-earned money.

On average, a striking 300% increase was seen, and the report showed that users who spoke fluent English and Spanish were common targets. In addition, the actors act like celebrity deepfakes and do the job in a hugely deceptive way.

On average, a striking 300% increase is astonishing, and the report showed that users who spoke fluent English and Spanish were often targeted. In addition, the actors act like celebrity deepfakes and do the job in a hugely deceptive way.

The information comes from a cybersecurity research firm called Group-IB. They managed to identify about 2,000 domains created this year and with this particular malicious intent.

In the recently released report, the number of such fake cryptocurrency giveaways has increased fivefold, which is a strong comparison to what was seen last year.

On average, sites have a reach of up to 15,000 viewers, including the top domains that most people consider reliable.

The researchers then shed light on how the scammers tried to target a few video platforms to better promote their scams via live streams. And the icing on the cake is that they used the names of famous celebrities like Elon Musk and Cathie Wood, among many others.

YouTube tops the list, closely followed by Twitch in second place.

These promotional feeds turned out to be from a few accounts that had been hijacked by others involved in the scam. And these accomplices were even rewarded with a part of their work that could amount to 50% of the profit achieved.

Experts indicated that the channels with the most subscribers were the most targeted, as it was more difficult to block such events. You should know that the larger the audience involved, the greater the number of reports required to activate YouTube’s moderation system.

Numerous campaigns featuring big names from the worlds of showbiz and entertainment, including household names such as Cristiano Ronaldo and Nayib Buckele, were featured.

This shows how active these scammers have been in this area and how they don’t take new developments under their wing to promote the scams in the most real way.

But what is the reason for such a massive influx of scams that appear spontaneously? According to some sources, the main reason is the availability of easy-to-use tools. So with the right arsenal, cryptocurrency offerings can look as real as possible. And they take advantage of vulnerable victims who want to make quick money online.

Even though these scammers have few technical skills, they still manage to do a good job, thanks to the tools available in the store.

Likewise, the forums through which these activities are carried out are also very well developed. It is in fact nothing more or less than a marketplace. It is very tempting and common for people with no knowledge of crypto to get involved and attack others in this way.

As for the cost of this scam, you can get a good deepfake for just $30. A complete cryptocurrency scam concept costs $300, and tutorials cost just $100. Toolboxes cost between $500 and $1,500 per month.

A little safety and awareness can save you thousands of dollars. So don’t give sensitive details, because you never know how and where they will be used.

Also, any promotion involving a high-profile celebrity is not always genuine. Keep in mind that deepfakes exist and they target vulnerable targets like you. Browse the channel’s history and check the name. If it’s not the official celebrity channel, it’s probably fake.

Source: Group IB

And you?

What do you think ?
Why do you think people keep falling for these scams?

Also see:

Deepfake and crypto scams increased in Q1 2022, they are used to spread misinformation and access financial or personal information

More than 46,000 people said they have lost more than $1 billion to cryptocurrency scams since early 2021, the Federal Trade Commission said in a report

CEO of crypto platform behind $2.5 billion scam arrested and faces 40,564 years in prison, relatives already incarcerated

Kim Kardashian and Floyd Mayweather sued by investors for alleged cryptocurrency scam, accused of promoting little-known crypto EthereumMax

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