YouTube Cryptocurrency Scams persist! YouTube Cryptocurrency Scams are causing YouTube to tighten up its security – this seems to be the primary reason why YouTube flagged many cryptocurrency videos in the past week. The problem? The videos flagged tended to be from those who are trying to do good on the site – while scammers continue to operate without consequence on the platform.
YouTube, in their ill-thought ways, has gone after regular everyday cryptocurrency YouTubers. These videos varied from instructional to interviews with leaders in the industry. Since then, YouTube has quietly reinstated the videos in recent days – there has not been an explanation nor an apology for the videos that were removed. The question remains – what is YouTube doing about actual scammers on the platform that are still allowed to operate without consequence?
The scheme works by enticing individuals to send cryptocurrency to an address with the promise of sending back a greater amount – for veterans in the space, this is a scam that has persisted for years. But the new format, YouTube live streams, is attracting a new generation of victims that might have stepped into cryptocurrency recently.
“Ethereum CEO 100,000 ETH Vitalik Buterin Giveaway” has over 6,000 views and is still live – we have not linked the video to discourage traffic. It has stolen 13 ETH from unwitting victims. One of these videos have scammed 213 ETH and has been cashing out the ETH in the past few days. ETH is not the only crypto to be used for these scams – Litecoin is frequently used, and a scam video was linked to having received over 513 LTC. In short – these scams are lucrative and easy for scammers.
This is indicative of a major problem for YouTube. It is a new strategy that is being employed with great success – and so far, with zero consequences.
Here’s what our own Kurt Wuckert Jr. has to say on the matter:
Kurt On YouTube Cryptocurrency Scams
“At Crypto Traders Pro, we have long talked about the need for real business adoption, healthy merchant usage of bitcoin, and a host of other things that must happen for the industry to professionalize.
However, in the two and a half years that we have been a public-facing entity, we have seen almost no calculable progress on those fronts. In fact, merchant adoption has gone backward while the amount of scams continues to rise. This latest YouTube scandal is perfect evidence that while popular YouTubers are claiming to be victimized freedom-fighters, the reality is that they are not disclosing their sponsors appropriately, and they are giving out information deemed “unbiased” while actually being paid through influencer agreements and affiliate programs.
The scammers in crypto are at such epidemic levels, that I am comfortable saying that nearly all of them should be categorically removed from most platforms. It is not political censorship when those being removed are activists in name only while being paid handsomely to pretend that they are revolutionary, forward thinkers.”
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