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For a while now, one of the biggest video streaming platforms, Youtube, is witnessing criticism as it fails to counter fake Elon Musk live stream scams.
Imagine one day you open Youtube and see CEO of Tesla and SpaceX, Elon Musk himself promoting a crypto project based on a newly created blockchain or something. How much time will you get to be convinced about the project and to get ready to make investments in the project that Elon Musk himself is suggesting? Most people fall for this and get convinced in no time and will look for investment in the project, no doubt it’s the influence of Elon Musk. But hold on, it may not be the right decision to take instantly, know why.
Recently Youtube is receiving heavy criticism from all over when it failed to tackle several networks related to cyber criminals who are performing illicit activities. Most criticism it received is due to failing to restrict videos of Elon Musk promoting scams to viewers. Obviously, these videos are fake that criminals have created after hijacking several YouTube accounts and now using them to promote fake and bogus cryptocurrency giveaways.
Prominent news network, BBC News have found dozens of such streams that are being viewed by tens of thousands people for about more than four days this month only. On Tuesday, multi billionaire entrepreneur Elon Musk said that YouTube was not doing something about these ads. While responding to this, YouTube said that it is working on removing such channels that are being reported.
It’s been several months since the livestreams have been consistently fooling thousands of people to make them send their cryptocurrencies to the scammers while thinking that they would be receiving a reward from Elon Musk. These livestreams consist of one of the most common links that belong to a website those invited people, luring them to double their investment once they would send bitcoin (BTC) or Ethereum (ETH) to the digital wallet addresses that were being advertised on the website.
History of these bogus wallet transactions shows that the scammers have made about $243,000 within just more than a week. This includes about 23 bitcoin transactions that totals for about 7.68 coins that equated to about $234,000 while it had 18 transfers of total 5.016 ethereum that totals for $9000. Prominent crypto analyst Whale Alert has shown the profits made by such scammers as they made $98 million in 2021, while for this year they have made $30 million so far.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
