By Brenda Collins
As the crypto industry continues to battle endless and more sophisticated cyberattacks from different angles, latest report has revealed the latest strategy by scammers. In a latest investigative report from WithSecure, there has been an increasing fraudulent activities by crypto scam network of recent.
Unlike the traditional method, WithSecure revealed that this fraudulent network now make use of hundreds and thousands of YouTube videos on their victims. At first, these videos appears to be legit, with most of them getting tons of these videos from these groups.
WithSecure had said that this method of crypto scam is purportedly carried out by a clique of scammers of about thirty in number. The source also revealed that this small group of scammers leverage Telegram for their communication activities. They are also said to be using an automated method to duplicate comments on each YouTube video they have chosen.
These comments are usually focused exonerating and promoting the app they have flaunted on the YouTube videos. According to comments from the industry experts, they had added that most of these YouTube videos often lure their prospects into believing that a particular app or website runs a USDT crypto investment program. It was also discovered that there are over 700 websites like that.
Also read:How They Pull Off the Fraud
These suppose investors are said to be tricked into getting involved in the whole scam investment process through hundreds of YouTube videos. Once they get in, the app system will immediately request that they transfer specific funds from their crypto wallet to one of the apps.
According to Andy Patel: one of the WithSecure sources who spoke to journalists said that these group are more interested in those crypto investors who are already into the business. He also disclosed that that they have this attitude of using low quality videos to promote these fraudulent apps and websites.
Different sources that were interviewed on this case also said added that these videos ate broken into different languages hence, targeting different regions. Mr. Patel had described the whole process as an opportunistic scheme. He added that such transaction often results to the accumulation of smaller transactions which runs into millions of dollars.
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