If you come across a website or YouTube video, in which Elon Musk, or Twitter founder Jack Dorsey, "promotes" a cryptocurrency system that will double your investment in one day, know that it is a scam. , that both tech entrepreneurs/celebrities do not promote such schemes, and that if you send any of your crypto to the promoted wallets, you will never see it again.
Cybersecurity experts at McAfee have uncovered a simple yet elaborate scheme that has so far generated over €1.3 million in various cryptocurrencies for scammers. The system does not use any malware, but instead preys on gullible cryptocurrency investors.
It's all simple and involves promoting the show via an edited version of an old live cryptocurrency panel discussion with Elon Musk, Jack Dorsey and Cathie Wood at Ark Invest's "The ₿ Word" conference.
abuse of youtube
Victims are promised double the investment if they send their crypto to specific addresses. McAfee found more than 26 websites promoting the scam, further stating that the number is likely higher. The websites appear to display a list of addresses participating in the program, as well as funds sent and received, to add credibility to the whole thing. However, the researchers discovered that the scammers were actually using JavaScript code to generate a random list of cryptocurrency wallets and the amounts paid.
Scammers also abuse YouTube to promote the scam. In its research, BleepingComputer found nine channels, some with up to a million subscribers. However, the numbers seem bogus as these videos have no content other than the video promoting the scam.
The identities of Elon Musk and Jack Dorsey are often misused to promote various cryptocurrency scams, primarily because Musk's Tesla accepts bitcoin as payment at some point, as well as Dorsey's outspoken support of the nascent technology.
However, they have never participated in giveaways, airdrops, crypto programs, or anything similar, and probably never will.
Via: BleepingComputer