Notwithstanding regulatory changes, the crypto craze is increasing rapidly in the country.
It will become a target for scammers who are looking to make some easy profits by utilizing individuals who would do anything to get rich fleetly, as crypto-assets continue to gain the observation of investors all around the world.
Different cryptocurrencies and research by “Tenable” which is a cyber exposure company have been found that scammers are leveraging compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Cardano, Dogecoin, Ethereum, Ripple, Shiba Inu.
The Tenable has determined that scammers stole at least $8.9 million US dollars over a subset of YouTube Live scams confronted in October 2021 only.
Scammers are leverage on YouTube accounts has compromised to support fraudulent cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu, and other cryptocurrencies, says research.
Scammers capturing certain YouTube accounts to promote fake cryptocurrency giveaways are not new.
Still, individual scammers are duping. At an instant, there are certain organizations where one can report if already been scammed.
Mudrex, the Co-founder Edul Patel said that those would be the to get in touch with the market or platform wherever the scam followed.
The US Securities and Exchange Commission would be a different organization where investors can report scams.
There is no official platform in India to complain against crypto scams. Nevertheless, you may report to crypto exchanges, where you invest or deal in cryptocurrencies.
Edul Patel, CEO, and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said that the next checklist could be spending some time on the official website of the project.
If the website only talks about how it will gain 100x over the next few days and buy its crypto token, that is an inevitable red flag.
It would be to go through the social media channels of the project is another pivotal checklist.
All crypto projects are operating on some social media platforms. If the Twitter profile resembles dead or contains a few posts over the past few months, that should be another red flag.
Concerning the Data, all crypto projects are available on websites such as Coinmarketcap, Coingecko, and Messari, which are free of cost.
Investors should try to evade projects with very weak market capitalization.
One should not fall prey to similar-looking websites and do not share their login password details over the phone. Two-factors authentication approved by Google Authenticator or password managers is a safe option to avoid password thefts.