According to research by Durable, the fraudster used celebrity videos in the crypto room on YouTube and confiscated at least 8.9 million US dollars through fake giveaways with Bitcoin, Ethereum, Dogecoin, Cardano, Ripple and Shiba Inu in October alone.

Bitcoin-related scams hit an impressive $ 8.2 million while Ethereum stood at $ 413,000. Additionally, thanks to the popularity of SHIBs, they make around $ 239,000.

Research shows that scammers used three main factors to promote fake giveaways, including the use of influential people in the crypto space, soaring prices, and credible events.

The videos are designed to be a fake interview with celebrities. The videos are available on YouTube. Those videos also followed with a fake tweet highlighting the giveaway event, along with a promise to double the cryptocurrency they sent to the project.

Screenshot of a fake YouTube giveaway | Source: Tenable

Notable metrics used in YouTube scams

Some celebrities who are being exploited by scammers include MicroStrategy CEO Michael Saylor, Vitalik Buterin, Charles Hoskinson, Ripple Labs CEO Brad Garlinghouse, and Tesla CEO Elon Musk.

“Scammers realize that users have a lot of trust in influencers, so they create fake videos of cryptocurrency founders and co-founders, as well as notable people with involved crypto companies or the CEOs of companies who use and discuss crypto purchases for their own purposes Companies promote the company’s balance sheet, “said a Tenable spokesman.

They also use credentials such as Elon Musk’s appearance on Saturday Night Live. There were high expectations. Musk talked about how DOGE would push prices to new highs during the show. In this way, scammers have hijacked YouTube accounts with millions of subscribers in order to predict events and potential effects on cryptocurrencies.

Additionally, Tenable warns that while scammers have been publicly educated to spot and avoid scams, they will find even more tricks to discourage investors.

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