Fake cryptocurrency giveaways on YouTube Live are becoming an epidemic

By Selena 12/30/19 8:48 AM

Acknowledging that there was a mistake in the censorship process, Youtube overcame its mistake by removing the crackdown on crypto influencers. However, although the platform has reversed its actions, actual crooks continue to operate without punishment. And fake cryptocurrency giveaways on YouTube Live are becoming an epidemic on the platform.

Why is Youtube flagging on cryptocurrency videos?

Youtube is flooded with cryptocurrency scammers. As AZCoin News mentioned, over the years, influencers in the cryptocurrency market have had to change their display names to include ‘non-giver of crypto ‘or those that written they do not‘ give-away ’coins. Because of the giveaway Bitcoin, Ethereum, etc. Scams are too raging in the cryptocurrency market.

Recently, a fake Litecoin Foundation channel on Youtube successfully cheated 309 LTC from innocent users.

**ATTENTION**

There is a fake Litecoin Foundation youtube channel scamming people out of their #LTC as we speak.

DO NOT believe the channel and what it is offering! This is NOT the official Foundation youtube channel.

Thanks @naomibrockwell https://t.co/4Wb0fY4kLv

— David Schwartz (aka – Dasch) (@DaddyCool1991) December 23, 2019

And it’s not just this case. There have been countless other similar cases. However, Youtube has done almost nothing to quell the wave of these fraudsters. Instead, they take care to block videos, block display, block interaction, or even remove videos of genuine business people on the platform.

Many videos of cryptocurrencies ranging from Bitcoin-related content to interviews with industry leaders have been taken down in brazen censorship.

Since then, Youtube has silently restored videos in recent days. However, Youtube has not publicly apologized or explained why flagging cryptocurrency videos. This is good news, but why were crypto-related videos deleted in the first place? Why are real fraudsters on Youtube allowed to operate on the platform without consequences?

Fake cryptocurrency giveaways are raging again

The fake cryptocurrency giveaways on Youtube Live is becoming an epidemic on this platform. They run their program by calling viewers to send cryptocurrency to an address with the promise of sending back more significant amounts. It’s a classic scam that has been around for years, but the new format has attracted a new generation of victims.

Many of these videos still work. At the time of writing, the video of Ethereum co-founder Vitalik Buterin giveaways 100,000 ETH has more than 6,000 views and still exists. And surprisingly, this video tricked 13 ETH from the victims. Another video called ‘Live Ethereum Vitalik Buterin Conference & Giveaway ETH’ still exists with more than 3,500 views. However, it seems that only one person was trapped because only 1 ETH was sent to this fraudulent address. However, if these videos still exist on social networks, the risk of the number of users trapped will increase.

Scams youtube channel Master Fama TV

One of the most successful phishing addresses from these giveaway videos comes from one that cheated 213 ETH. They have cashouted in the past few days. Other addresses were equally successful. A Litecoin address associated with these fraudulent cryptocurrency giveaway programs has received over 513 LTC. Another scam Bitcoin address received almost 2 BTC in total. In short, this trick is very beneficial for scammers.

Youtube has failed to stop real crooks. Without a doubt, this is an epidemic on Youtube. It is a new strategy that thieves are using very successfully. However, Youtube did not address these concerns directly.

It is impossible to assess the amount of cryptocurrency stolen through giveaway directly on Youtube. However, the number is likely in hundreds of thousands of dollars. Youtube should start cleaning up its videos and directing its energy to real crooks, instead of scaring the entire industry as it did in the past week. It’s time for Youtube to do the right thing.