Cyber Criminals Exploit Cryptocurrency Giveaway Scams on Social Media
Recent research from Tenable has revealed that cyber-criminals are profiting immensely from fake cryptocurrency giveaways on social media platforms. Users are being targeted with scams involving popular cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Shiba Inu.
Exploiting Public Figures for Legitimacy
Scammers are using footage of well-known public figures associated with cryptocurrency to make their fake giveaways appear legitimate. Some of the personalities exploited include Michael Saylor, Vitalik Buterin, Charles Hoskinson, Brad Garlinghouse, and Elon Musk.
Huge Profits from YouTube Live Scams
Research conducted by Tenable uncovered that a subset of YouTube Live crypto scams raked in at least $8.9 million in illicit funds in October alone. Bitcoin scams were the most profitable, with an average of $1.6 million per scam totaling $8.2 million. Ethereum scams followed closely, generating $413k with an average profit of $82,778 per scam. Shiba Inu scams earned perpetrators $239k, averaging $34,192 per scam.
Warning to Social Media Users
A spokesperson for Tenable cautioned social media users to be vigilant and skeptical of giveaway promises from influential figures. Users should never send cryptocurrency in exchange for a giveaway, as it is likely to be a scam with no way to recover the funds once sent.
Combatting Scams on YouTube
Satnam Narang, a staff research engineer at Tenable, emphasized the importance of reporting suspicious content on YouTube. Users who encounter giveaway scams can flag the video and select “scams or fraud” from the dropdown menu to alert YouTube moderators.
It is crucial for social media users to exercise caution and verify the legitimacy of any cryptocurrency giveaways before participating. By staying informed and aware, individuals can protect themselves from falling victim to these fraudulent schemes.