The number of cryptocurrency scams on YouTube explodes by 335% in the first half of 2022

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2022-09-20 02:20:20

Cryptocurrency scams involving “bogus” gifts have evolved into a “black market” industry with a number of services designed to support these activities.

Group-IB, A Singaporean cybersecurity firm, revealed in a report that the rate of crypto fraud involving fake domains, used as welcome pages for fraudulent YouTube streams, has skyrocketed. in the first half of this year.

In the first six months of this year, Group-IB identified more than 2,000 won The domain name is registered to be used as a bogus advertising site.

Cryptocurrency scam balloons are at an alarming 335%

Cryptocurrency scam balloons are at an alarming 335%

The number of fake domains has increased to 335% of the volume recorded in 2021. Most of the activity in them, although registered with Russian organizations, the main targets are the English and Spanish speaking crypto investor.

In February of this year, researchers discovered a spike in the number of crypto scams and fake YouTube streams featuring prominent figures like Elon Musk, Christian Ronaldo, Brad Garlinghouse, Michael J. Saylor and Cathie Wood.

The Group-IB report adds: the form of crypto fraud that operators carry out is to use videos of famous businessmen and crypto enthusiasts to convince users to visit. an advertising website. This will double their crypto investment by transferring crypto to a designated location or disclosing their crypto wallet details in exchange for better returns.

Scuba Jake – a popular YouTuber recently confirmed that his channel, which has more than 13 million subscribers and 1.75 billion views since it started in 2011, has been hacked.

On September 9, crypto scammers took over the channel and tried to trick followers into giving them money through fake Bitcoin and Ethereum giveaways.

Expansion of this type of fraud is made possible due to the existence of an underground market for the sale of all the software necessary to create a fraudulent stream of cryptocurrency hosted on YouTube, as well as such as the high level of attention and understanding that these streams use.

The sophistication of the scammers is getting bigger and bigger

The sophistication of the scammers is getting bigger and bigger
The sophistication of the scammers is getting bigger and bigger

Keywords like Bitcoin, Ethereum, Shiba Inu, and XRP, including some, attract an average of 10,000 to 20,000 readers across most websites online.

Between January and March of this year, researchers discovered 583 phishing websites involved in this activity. During the second quarter, the team found more than 1,500 additional domains created by scammers to advertise fraudulent giveaways.

Group-IB states: “Scams aimed at crypto enthusiasts are becoming more common and their scope and sophistication are expanding.”

The Singapore cybersecurity firm noted that crypto scams have evolved into “a lucrative illicit market segment where small-time scammers and more sophisticated cybercriminals work together.” to systematize and improve operations”.

Meanwhile, cybercriminals can even create live holograms of exchange employees to deceive victims and charge for future listing opportunities using deepfakes. A deepfake video depicting a celebrity costs about $30 to produce.

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