Charles Hoskinson calls out YouTube over the latest crypto scams emerging on the video platform as recently reported in our cardano coin news today.
Cardano’s founder Charles Hoskinson calls out the platform over crypto scams recurring aspect of the market which go back in 2013 and accelerated in 2017, but is still present since. He commented on an ongoing ADA scam which sees the scammers post elaborate videos and ads for the old “send me 1 ETH and I’ll send 2 ETH back.” What makes this an issue over crypto ads is that they are not allowed on the video-sharing platform as YouTube banned all crypto-related content. However, it seems that crypto scams are allowed.
Hoskinson said that a new scam was floating around youTube using his latest keynote address as a construct as he noted in comments that the giveaway was disgusting and criminal:
“We will take legal action if we can against those responsible.”
The removed videos included scam-texts and enticing ADA offers using his legitimate keynote address. For new crypto users, this could have been interpreted as an official Cardano giveaway. Others said that an ADA airdrop scam was going around as well which means there are multiple scam models or that a group targeting ADA viewers entered the crypto space. Some celebrities and technology evangelist were targets of similar videos and advertisements including Chamath Palihapitiya and Elon Musk.
It has come to my attention that a scam has been floating around using my conference keynote to promote a giveaway https://t.co/x2VV2niY68 this is a scam. Please report it to YouTube. We will take legal action if we can against those responsible.
— Charles Hoskinson (@IOHK_Charles) July 12, 2020
One commenter said that Youtube could have been ignoring the ads and videos for the revenue they created. This is important as many crypto-based videos are getting removed constantly from the website. Threat commentators pointed out that Ripple and Binance are having similar issues with scams over the past week with both companies taking legal actions against them and with Youtube. Back in April, Ripple sued YouTube for not controlling the rampant scams on the platform:
“YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams.”
Done and done 👍
— John Hamilton (@JohnHam25542266) July 12, 2020
In another Reddit thread, the community members tried to explain how the scam was perpetrated. Scammers are careful to remove mentions of cryptocurrencies itself or any other relevant terms. YouTube algorithms are easily tricked until manual intervention as Reddit commentators reported scams were increasing since January this year. The users can mail [email protected] if they encounter any crypto scam.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]