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The Rise of YouTube Crypto Scams: How to Protect Yourself




Cryptocurrency scams have become increasingly prevalent on YouTube in recent years, with fraudulent actors exploiting the platform’s vast reach and user trust to trick people into investing in fake cryptocurrencies or phishing schemes. As the popularity of cryptocurrencies continues to grow, it’s crucial that users become more aware of these scams and know how to spot them.

Fake Free Crypto Giveaways

One common type of cryptocurrency scam on YouTube involves the promotion of fake crypto airdrops giveaway. These scams often use misleading or false information to entice users into investing in a seemingly profitable opportunity, only to find out later that the currency doesn’t actually exist or is worth far less than promised. In many cases, the scammers will create fake celebrity endorsements or testimonials to add credibility to their pitch.

Elon Musk Cryptoscams

The scammers create fake YouTube accounts using Elon Musk’s name and image, promising to give away large amounts of cryptocurrency if the viewer sends a smaller amount of crypto to a specified address. In some cases, the scammers may also post links to their fake giveaway in the comments section of legitimate Elon Musk social media posts, in an attempt to trick users into thinking it’s an official giveaway.

A screenshot taken from a live YouTube video promoting fake crypto giveaway

These scams are not only unethical, but also illegal. They prey on unsuspecting victims, convincing them to send their hard-earned money to the scammers, who then disappear with the funds. In some cases, these scams have resulted in victims losing thousands of dollars.

It’s important to highlight that a well-known celebrity like Elon Musk, or any other public figure, will never endorse or participate in a cryptocurrency giveaway on a live stream or any other platform. If it sounds too good to be true, it probably is.

Some YouTube influencers are Promoting Scam Projects

Unfortunately, some crypto scams are being promoted by YouTube influencers. These individuals have large followings on YouTube platform and are often paid to promote cryptocurrency platforms, creating the illusion of legitimacy. However, not all platforms are trustworthy, and some are simply scams designed to take advantage of unsuspecting investors.

BitConnect and NovaChain are two examples of cryptocurrency scams that were promoted by big YouTube influencers. These scams were marketed as high-yield investment programs that promised high returns with low risk. However, these platforms were simply Ponzi schemes designed to take advantage of unsuspecting investors.

YouTube Phishing Scams

Another type of cryptocurrency scam on YouTube involves phishing. In this scenario, the scammer creates a fake website that looks identical to a legitimate cryptocurrency exchange, wallet, or ICO website. They then advertise the fake website on YouTube and trick users into entering their login credentials or private keys, which the scammers can then use to steal their funds.

How to Protect Yourself From Such Scams?

If you encounter one of these scams on YouTube, the best course of action is to report the channel or the account to YouTube, block the user, and never engage with or send money to the scammers. Additionally, you can spread awareness of these scams by sharing this information with others and educating yourself on how to identify fake giveaways.

Here are some other tips to help you stay safe while browsing YouTube:

Always Verify the Information

Verifying the information presented by YouTube influencers is a crucial step in protecting yourself from scams. Don’t rely on a single source of information, especially if it’s coming from an influencer. Check multiple sources, including news articles, forums, and independent websites, to get a balanced perspective.

Look for independent reviews of the platform or product being promoted. This can give you a better idea of how others have experienced it and whether it’s trustworthy.

Always avoid high returns

High returns are often a red flag for scams. If a encountered a YouTube video promises unrealistic returns, it’s best to stay away from it and not to invest in such fake opportunities.

Always do your own research

As a golden rule in crypto world, before investing, research the crypto project thoroughly. Check for reviews from other users and experts in the industry. Look for both positive and negative reviews to get a well-rounded understanding of the platform, and look for any red flags.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at


P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action





NFT Trader, a peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the unauthorized transfer of significant NFT assets. The attacker, identified as 0x90…8fda, successfully made off with 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World of Women, and 6 VeeFriends NFTs, collectively valued at 1,080 ETH (approximately $2.4 million). Users are strongly advised to promptly revoke any authorization granted to the platform.

Initial reports, shared by Chinese crypto news reporter Colin Wu on social media, indicate that the pilfered NFTs were sent to the address 0x909F2159780e64143CF08f32dBBF56Ed19478fda (link to tweet). An on-chain message from the address holder, claiming the role of a “scavenger,” refutes allegations of hacking the P2P trading platform. Instead, they assert rescuing the NFTs with the intention of returning them.

Further information reveals that the alleged real hacker’s address is 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46.

NFT Trader has acknowledged the security incident and disclosed that the attack targeted old smart contracts. In response, the platform is advising users to remove delegations via from the following addresses:

  • 0xc310e760778ecbca4c65b6c559874757a4c4ece0
  • 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af

Despite being relatively unknown among NFT traders, NFT Trader’s website identifies its CEO as John Pak, collaborating with co-founders Mattia Migliore and an individual using the pseudonym “Bruckzr” (link to tweet).

On social media, an NFT collector (@dingalingts) has urged traders to “revoke approval to their contract ASAP” for those who have engaged with NFT Trader previously. The stolen digital assets, which exceed $2 million in value, include 37 BAYC, 13 MAYC, 4 World of Women, and 6 VeeFriends.

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Uphold Exchange Announces Evernode Airdrop for XRP Holders




Uphold exchange has revealed its support for the upcoming Evernode Airdrop. The airdrop, exclusively for XRP holders, promises to reward participants with EVRS tokens.

The Evernode Airdrop: What You Need to Know

Scheduled for September 1, 2023, at 6:00 PM AEST (8:00 AM UTC), the Evernode Airdrop snapshot is poised to capture the XRP holdings of participants. This snapshot is a pivotal moment as it forms the basis for determining the proportion of EVRS tokens that qualifying XRP holders will receive. It’s important to note that this snapshot will consider XRP holdings up to a limit of 50,000 XRP tokens, ensuring a level playing field for all participants.

The fairness and equality of the distribution process is a core principle of this airdrop. Uphold is keen on ensuring that participants receive EVRS tokens in a manner that reflects their XRP holdings accurately. This approach not only promotes inclusivity but also reflects Uphold’s dedication to creating value for its user base.

Factors Influencing Airdrop Date and Availability

While the snapshot is scheduled for September 1, the airdrop date itself remains contingent on various external factors. Particularly, the launch of the new Xahau Network holds sway over the timeline. Uphold is steadfast in keeping its users informed about any updates regarding the airdrop’s timeline. Participants should be aware that initial access to EVRS tokens on the Uphold exchange might be limited. Uphold’s stringent listing criteria and liquidity requirements must be met before the tokens become fully tradable.

Qualification and Distribution Process

Participating in the Evernode Airdrop is refreshingly straightforward. To qualify, users need only hold XRP in their Uphold accounts at the time of the snapshot. The distribution of EVRS tokens to eligible participants will occur once the Evernode project finalizes the airdrop date and completes the process. This ensures that participants who met the qualification criteria during the snapshot will receive their rightful share of EVRS tokens.

Exploring Ripple XRP: A Unique Blockchain Perspective

As the Evernode Airdrop garners attention, it’s an opportune moment to delve into Ripple XRP’s distinct blockchain characteristics. Unlike many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created when the blockchain was established. This approach fosters stability and predictability within the XRP ecosystem.

One of XRP’s primary use cases is its role as a bridge currency for cross-border transactions. Ripple’s network and technology enable seamless and efficient cross-border payments, transcending the limitations of traditional systems. The platform’s speed and low transaction costs position it as a viable alternative to conventional remittance methods.

Additionally, XRP’s consensus mechanism deviates from the energy-intensive proof-of-work (PoW) approach used by Bitcoin. XRP employs the consensus protocol to validate transactions, enabling faster transaction settlement times and energy efficiency.

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Vietnam’s Crypto Crackdown: Authorities Investigate Pi Network





Vietnamese authorities have launched an investigation into the activities surrounding the Pi cryptocurrency, citing concerns over its complex and unregulated nature. The Department of Cybersecurity and High-Tech Crime Prevention expressed apprehension regarding the high-income potential and multi-level marketing resemblances associated with cryptocurrency models like Pi.

According to Vietnam Express, the investigation aims to address the risks posed by such ventures and protect investors from potential fraud and data breaches. This article delves into the recent developments surrounding the Pi cryptocurrency in Vietnam and the concerns raised by authorities.

Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention, highlighted the increasing complexity and unmanaged nature of cryptocurrency models like Pi. He noted instances where individuals have been coerced by cryptocurrency promoters into participating in business models resembling multi-level marketing schemes. Multiple police forces across localities are actively investigating activities related to the Pi cryptocurrency. Authorities caution the public against investing in cryptocurrency models offering abnormally high profit margins or employing multi-level marketing strategies due to the associated risks.

The Pi Network, which emerged in 2019, experienced a surge in popularity in Vietnam during 2021. However, concerns have been raised regarding the lack of transparency exhibited by the cryptocurrency. Experts in the field of blockchain have emphasized the potential for Pi to be misused for fraudulent activities or unauthorized data collection. Despite these concerns, many individuals still hold faith in Pi, often under the assumption that they have nothing to lose by participating. However, they unknowingly expose themselves to the risk of personal data theft.

Cryptocurrencies are not recognized as legal tender in Vietnam. Engaging in activities such as issuing, trading, or using cryptocurrencies for payment can lead to penalties of up to VND100 million (US$4,240). The ongoing investigation into Pi cryptocurrency serves as a reminder that individuals should exercise caution when participating in unregulated crypto ventures.

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