Crypto fraud attacks on YouTube increased by 500%

According to a new report by blockchain security firm CertiK, the number of fraudulent YouTube videos on cryptocurrencies increased sixfold in 2022, as attackers actively promote fake videos advertising trading bots. Analysts counted 168 such videos in 2022, and only 28 in 2021. Thus, the amount of fraudulent content increased by 500%.

The scam itself usually involves luring victims with the promise of daily earnings with no investment. Victims download the fake bot software, the bot itself scans for unconfirmed large transactions and pays a higher commission for gas to guarantee priority for its transaction. Analysts emphasize that this is how the bot can manipulate market prices.

In the report, CertiK cites examples of real YouTube videos with dubious titles, such as «Uniswap Front Running Bot 2022 — EASY INSTRUCTIONS (Huge Profits)!», in which fraudsters offer users fake guides on how to download and use bots for trading. Some participants even claimed that YouTube’s algorithm suggested the video to them in the top recommendations. The enthusiastic comments under such content are also written by bots, which is done to divert attention from real user feedback that could report a hacker threat.

CertiK analysts have also published a separate report stating that crypto fraudsters use the identities of influential industry players purchased on the black market. Experts emphasized that the necessary information can be purchased on the darknet, with prices starting at $ 8.

In the cryptocurrency space, fraud using fake media content is no longer a big surprise. At the end of November, we told you about the spread of a dipfake featuring the ex-CEO of the bankrupt FTX crypto exchange Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, who promised investors to return their lost funds. The fake video was distributed by a verified profile that had previously been hacked.