Outdated Yearn Finance Contract Hacked, $11.6 Million Stolen in Stablecoins

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.

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.

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• Source: https://www.thecoinspost.com/outdated-yearn-finance-contract-hacked-11-6-million-stolen-in-stablecoins/