YouTube has always been a safe zone for people who want to watch videos and relax. As we have reported many times in our Bitcoin and altcoin news, it is also a platform where one can see a lot of educational, instructional and analysis-type of videos in the crypto markets. However, more and more media outlets are reporting about the new Bitcoin scam that is al over YouTube recently and was purportedly titled ““Binance CEO Does Bitcoin Giveaway,” or something similar in broken English.
With over 2,000 live viewers, this scam makes people want to click and was purportedly being hosted on the Binance channel. However, the idea behind Binance doing a sudden giveaway of BTC on YouTube bugged many and led a lot of people to realize that it is actually among the latest Bitcoin scams.
Clicking on this video would lead users to a video of one of Changpeng Zhao (founder and CEO at Binance) Q&A session in a Periscope split-screened with a Bitcoin address and its respective QR code. The description, on the other hand, comes with a promise from Binance to multiply the deposits of Bitcoin. From what can one see, this is an obvious scam.
At the same time, however, many other similar scams are being run for both Ethereum and XRP. The new Bitcoin scam for Binance is just an example for this type – but there are a lot of scams related to ETH, XRP and even Tesla with their founders claiming to give out “free cryptocurrency.”
While it is hard to tell how many similar streams are out there, the new Bitcoin scam should serve as a warning for people. Unfortunately, as clear as it is that these are scams, people fall for them and a lot of these “giveaways” have managed to catch some cryptocurrency investors off guard.
According to a Github linked shared on a Substack post from Matt Muller, some of the addresses that the scammers have been using received large sums of cryptocurrency from seeming victims. There are also many online reports on Reddit and YouTube of people sending funds to the addresses that scammers use in their videos.
The bad thing is that once you send the funds, they are 99.99% gone – forever.
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