Tenable has warned users to be alert to fake cryptocurrency giveaways on social media, as fake Bitcoin, Ethereum, Dogecoin, Cardano, Ripple and Shiba Inu giveaways proliferate on YouTube Live.
Tenable has calculated that, across a subset of YouTube Live scams encountered over the last month alone, scammers have stolen at least $8.9m.
“Scammers are leveraging compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu and other cryptocurrencies,” said Satnam Narang, staff research engineer at Tenable. “The Bitcoin scams I monitored received $8.2m in stolen funds, for an average amount of $1.6m per scam. Ethereum scams received $413k in stolen funds, receiving on average $82,778 per scam. Finally, Shiba Inu scams earned $239k in funds, receiving on average $34,192 per scam.”
Scammers know that users place a lot of trust in influential voices, so they create fake videos…