{"id":19806,"date":"2022-07-05T14:09:41","date_gmt":"2022-07-05T10:09:41","guid":{"rendered":"https:\/\/me-en.kaspersky.com\/blog\/youtube-bitcoin-scam\/19806\/"},"modified":"2022-07-05T14:09:48","modified_gmt":"2022-07-05T10:09:48","slug":"youtube-bitcoin-scam","status":"publish","type":"post","link":"https:\/\/me-en.kaspersky.com\/blog\/youtube-bitcoin-scam\/19806\/","title":{"rendered":"Hyped-up fake crypto-exchanges on YouTube"},"content":{"rendered":"

Online scammers use all sorts of ways to separate cryptoinvestors from their prized bitcoin. They create fake news sites<\/a> and promise helicopter money<\/a>. They even post screenshots in Lightshot<\/a> with \u201ccryptowallet login credentials\u201d ? this being a trap for folks who have a weakness for other folks\u2019 secrets and a free lunch. We recently uncovered a new scheme in which YouTube users are lured to a fake cryptoexchange through videos about a \u201cbug\u201d that supposedly lets them take advantage of a huge discrepancy in exchange rates.<\/p>\n

The cryptocurrency exchange rate bug<\/h2>\n

\nJust like traditional currencies, cryptocurrencies\u2019 exchange rates are determined by the market: as of the writing of this post, one bitcoin is worth around 18 Ethereum on average. But exchange rates may vary between the different platforms where these currencies are traded. The differences are usually small, but what if one of the platforms has a technical glitch that works to buyers\u2019 advantage? Then it could be those buyers\u2019 lucky day, and they might strike it rich thanks to the discrepancy in exchange rates. Finding a bug like this is a dream for freebie lovers ? and this is exactly what the scammers are promising in videos on YouTube.<\/p>\n

Using YouTube comments to build hype<\/h2>\n

\nThe first thing the fraudsters do is create a YouTube channel where they post videos describing a \u201cclever\u201d way to get rich, which they want to share with the cryptocommunity.<\/p>\n

\"One<\/a>

One of the fraudulent YouTube channels used in this scheme ? with just one video posted on the channel<\/p><\/div>\n

In the single video on the channel, the scammers claim that they\u2019ve found a bug in one of the automated exchanges: by some happy turn of events, the exchange buys one bitcoin for 184 Ethereum, while on Binance the exchange rate is 18.4. That means that you should get 10 times more money on this website, all because of a vanishing decimal point.<\/p>\n

\"In<\/a>

In their video, the scammers show an error they allegedly found in the BTC-to-ETH exchange rate<\/p><\/div>\n

To get users excited and steer them away from fact-checking, the fraudsters pad the comments section with bot-posts expressing the deepest of gratitude for the amazing insider knowledge.<\/p>\n

\"Fake<\/a>

Fake comments under a video by \u201cusers\u201d who suddenly struck it rich<\/p><\/div>\n

To promote their channel, the scammers go to popular videos made by other people ? these are often newly posted ones where the comments section is the most active ? and leave comments talking about a bug on a cryptoexchange and recommending a video about it. To make sure the comments don\u2019t get lost among others, the bots give them lots of likes.<\/p>\n

\"Scammers'<\/a>

Scammers\u2019 comments with tons of likes under another creator\u2019s popular video<\/p><\/div>\n

Directing users to the website<\/h2>\n

\nThe link to the website with the allegedly favorable exchange rate is provided for those who are interested. You guessed it: this website is also run by the scammers.<\/p>\n

\"Website<\/a>

Website of a fake cryptocurrency exchange<\/p><\/div>\n

When they try to sell their crypto on this website, victims see a message saying that the rate is good for only 180 minutes. During that time, victims are asked to transfer the bitcoin they want to sell for Ethereum to a specific cryptowallet address. If the victim sends the bitcoin, they go to the criminals ? who of course don\u2019t send back any Ethereum in return.<\/p>\n

\"A<\/a>

A fake cryptoexchange page<\/p><\/div>\n

The described website isn\u2019t the only one of its kind: fraudsters are creating dozens of fake cryptoexchanges and YouTube channels for other cryptocurrencies too. The cybercriminals are probably banking on the fact that users will seek out information about the tokens they\u2019re interested in. The website names and addresses may be different, but in every case the scam revolves around a \u201cbug in an exchange rate\u201d.<\/p>\n

\"A<\/a>

A bunch of similar fraudulent videos in a YouTube search<\/p><\/div>\n

How to protect yourself<\/h2>\n

\nAs always, your most powerful weapon in combating cybercriminals is vigilance.<\/p>\n