Scammers Found Exploiting YouTube to Launch Crypto Scams

Diving into details   

• The fake YouTube channels disseminated over 700 distinct URLs and were controlled via a small group of hackers on Telegram. 
• To make the channels look legitimate, threat actors automated copy-pasting comments to videos. The description fields attached to the videos also employed popular SEO tactics to boost the search functionality. 
• To lure victims, the fake apps included bonus VIP structures that promised higher return options in exchange for different investment commitments.
• Many of these videos also encouraged victims to invite friends and family to participate, asking for a small amount from each person. 

A major security concern

• With the rising popularity of cryptocurrency among users, a recent report from FTC highlights that the scammers had scammed out of over $1 billion in cryptocurrency, between January 2021 and June 2022. 
• Besides these, cybercriminals are continuing to evolve their tactics to drain more crypto assets. In one such incident, they were found leveraging crypto drainer phishing pages to trick investors into giving away the funds in their wallets.
• In another incident, scammers used an address poisoning tactic to siphon off cryptocurrency from MetaMask users.

Conclusion