Analysts estimate that the number of videos on YouTube offering quick money has increased by 500% since last year. But in fact it is Cryptoscammers who steal users’ cryptoassets. Crypto-Upvotes Experts Review
Cryptoscammers have posted six times more videos on YouTube aimed at stealing users’ assets than last year. That’s according to a report by Certik (a Web3 and blockchain security company).
Analysts investigated a popular type of scam where users are offered easy earnings on social networks. To do this, they should download a special bot program according to a video instruction on Youtube. This bot is supposed to bring profit, but in fact it deducts funds from victim’s cryptocurrency wallet.
In the course of their research Certik analyzed YouTube for videos mentioning the phrase “front running bot”. And they found that in a sample of 232 videos, 84% were scam videos. The selected videos started circulating last year. But this year their number increased by 500%: analysts found 28 such videos in 2021, and 168 in 2022.
According to the report, many of these videos are immediately identifiable as scams by their titles: “MAKE 10X A DAY!!!”, “Uniswap Front Running Bot 2022 – EASY TUTORIAL (Huge profits)”, “$15,000 Front Running Crypto Bot Leak! – 50X HUGE RETURNS!” and the like. Certik noted that all of these videos have common themes: free bot and huge profits.
Analysts warned that you should never run programs from unverified sources. As well as those whose action is not fully understood. Also, you should be careful with any trading strategies or techniques which promise inflated profitability.
The other type of scams on YouTube is fake videos with famous people. In September, scammers took advantage of the fact that Apple was holding a new phone presentation and launched parallel broadcasts promoting cryptocurrencies allegedly on behalf of their company.