During the current year, cryptocurrencies made a lot of progress. The top coin called Bitcoin was able to register two ATHs in the same year, and it is still thought to be on the route of getting a new bullish development before the year ends. A considerable amount of people were able to gain profits from the crypto market, but the place also attracted a lot of scammers to the space.
New data analysis from Tenable reveals that scammers were able to get away with $9 million worth of money from novice cryptocurrency traders. It is shocking to realize that this amount has been stolen by the scammers within October alone. The most used platform for these scams was YouTube, and the most used currencies for promoting these scams are Bitcoin, Ethereum, Cardano, Dogecoin, Shiba Inu, and XRP, among others.
A technical analyst of the digital market recently claimed that the main reason that crypto scams are so rising these days is that the idea of crypto trading is relatively new. Many people got the chance to enter the market for the first time with the help of the internet. Most of these people are not trained professionals with little to zero experience with investment and trading markets.
Furthermore, the scammers also take advantage of the fact that people are not familiar with blockchain technology and have limited computer knowledge. According to the report by Tenable, the scammers used the YouTube live streaming feature to thug people and convince them to send their crypto holdings to hacker addresses and double them.
Bad Actors are Using Social Media Platforms to Scam Investors
Hackers have opted to take possession of the YouTube channels that have millions of views and subscribers. These cybercriminals use the speeches and interviews of famous personalities in the investment space to grab the attention of crypto traders. The most used names for conducting crypto scams are Michael Saylor from MicroStrategy, Elon Musk from Tesla, and Brad Garlinghouse from Ripple Labs, among others.
The scammers also add screenshots of fake tweets from these influencers to convince their victims to send their crypto holdings to the hacker addresses. Due to the influence of these personalities in the cryptocurrency market, people have continued to fall victim to these scams despite educational campaigns.