YouTube cryptocurrency scams are increasing

YouTube cryptocurrency scams are increasing
July 13
08:04 2020

Cryptocurrency scams on YouTube have recently become more widespread, as reported by CoinDesk. Scammers post videos on the platform with the goal to make users give away their digital assets. For example, this includes coins like Ether or Bitcoin. Last week they used the identities of Gemini’s founders Cameron and Tyler Winklevoss. In another video, it was the founder of Ethereum network Vitalik Buterin.

Scammers promise the viewers that after watching the video and sending coins they will receive double the amount. All that users have to do is scan a QR code of a crypto wallet address. However, despite the promise, viewers not only do not receive anything, but also lose their funds for good.

Unfortunately, the platform sees many scams like this. For instance, the CEO of Ripple Labs Brad Garlinghouse is already suing YouTube. Garlinghouse is criticizing the platform for not policing against such YouTube cryptocurrency scams with XRP.

YouTube seems to block cryptocurrency-related accounts, even real ones, quite often. However, it seems that the platform fails in identifying scams. As the company suggested before, this might have to do with a large volume of content. With so much video content, the creators are unable to monitor it. Hopefully, the platform will devise a strategy on how to deal with cryptocurrency scams.

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