New YouTube Crypto Giveaway Reveals Itself as $1.6M Scam

A recent YouTube crypto giveaway revealed itself as a scam, with the sole purpose of gaining access to user information. The popular video-sharing site is no stranger to crypto scams; however, this scam saw a new approach that aimed to make the offer appear more credible than previous attempts. The $1.6M scam on Youtube is pretty simple—a video will invite users to send a small amount of cryptocurrency to a wallet address, claiming that they will receive double their money back. Viewers who participate in these schemes are just sending their money into oblivion since no legitimate chain exists between them and the receiving wallet address.

The $1.6M Scam on Youtube

The YouTube crypto giveaway scam was hosted by three channels: BTC Sessions, Crypto News, and one other channel that has since been removed from the platform. The videos advertising-free cryptocurrency titles were associated with these channels, all promoted giveaways in the form of airdrops, and viewers were asked to sign up to claim their tokens. The fake cryptocurrency Youtube videos have now been removed but reportedly showed messages such as “Sign up here for your free lifetime income” or “FREE BITCOIN EVERY HOUR,” as well as a direct link to the supposed registration page.

As we can see from the labels provided on the page itself, it looked very official—deceptive especially when the site claimed that it was “backed by Ripple.” It is worth noting that all three channels are partnered with YouTube and monetize their content through ads.

Watch Out

YouTube has banned some fake cryptocurrency Youtube videos, but many remain up on the site today. If you see any videos advertising-free cryptocurrency, use your best judgment and do not participate in these scams. If it sounds too good to be true, it probably is—especially for cryptocurrency.

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