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Crypto “Giveaway” Scams Booming on YouTube

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As of late, there has been another rush of crypto scams on the video blogging stage, YouTube. These videos by con artists regularly depict famous blockchain figures giving a discourse with advertisements that appeared around the video. The promotions depend on the guarantee that your sent cryptocurrencies will be multiplied and sent back to your wallet. Spoiler alert!! You don’t receive anything at all. Literally nothing asides the tears and pain of losing your valuable crypto assets.

This week, the identities of the Ethereum founder Vitalik Buterin and the Winklevoss brothers, founders of the Gemini platform, have been utilized to dupe individuals into giving up their crypto assets like Bitcoin and Ether

One of the videos highlighting Buterin was really one taken during an occasion in London prior this year. In spite of the fact that the videos have been deleted by YouTube, the harm has been done already.

YouTube has been enduring an onslaught these past few months from major crypto ventures who are shocked by the platform’s inability to determine these scam videos and block such advertisements on the platform.

Ripple at War with YouTube

Ripple vs YouTube

Ripple (XRP) has sued the video blogging stage over the claims that the social media giant has neglected to police its platform against counterfeit XRP giveaway scams.

“Across the industry, social media companies have failed to police their platforms from being abused by the entirely preventable imposter giveaway scams. Hundreds of people (including some of you) have been hurt, yet big tech continues to drag their feet,”

said Ripple Labs and CEO Brad Garlinghouse

Ripple has claimed that con artists have effectively used this devious plot to dupe a huge number of XRP worth a huge number of dollars. In a case study, a victim lost $15,000 worth of XRP to a con artist. 

“Ripple has repeatedly demanded that YouTube take action to stop the Scam and prevent further harm. Yet YouTube refuses, even where the same scheme is replicated time and again on its platform. YouTube’s response has been woefully inadequate and incomplete. As a result, Ripple and Mr. Garlinghouse continue to suffer substantial reputational harm,”.

the suit said

YouTube has risen to its defense asserting that a few errors happen in view of the huge volume of content it needs to screen. Despite the fact that YouTube often blocks non-scam accounts that are centered around cryptocurrency.

This recent scam raises the need for crypto hodlers to be careful about luxurious investment plans. If it sounds too good to be true — it probably is.

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