YouTube Promotes Сrypto Scammers

Kataryna Kovtun July 13, 2020


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YouTube users are reporting that fraudulent ads for free BTC are often appearing on the platform.

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These videos cause the most outrage in the cryptocurrency community since relatively recently YouTube blocked crypto blogger accounts, including educational ones. At the same time, the creators of the channels did not receive any feedback from the platform.

Users have already reported downloading four videos using images of reputable people in the cryptocurrency industry and beyond. This is CEO of the cryptocurrency exchange Binance Changpeng Zhao, co-founder of Ethereum Vitalik Buterin, Apple creator Steve Wozniak, and the lead of podcast Joe Rogan.

The structure of the videos repeats each other, which indicates that they are created by the same person or group of people. When users click on the video, instead of the crypto leaders speaking, they see an advertisement in which people are encouraged to send bitcoins in exchange for an instant return in double size. This is a classic hoax.

According to some users, this advertisement in the rotation is already a few weeks.

“I watched 3 out of 5 videos that appeared at least once a day for a week. I reported this, but it turned out to be completely useless, despite the fact that the removal takes about 10 minutes.“ — wrote one of the users

Thus, these egregious frauds occur against the background of strict censorship of the video hosting platform to bona fide crypto enthusiasts and at the same time its inaction to the actions of criminals.

Other Twitter users openly accuse YouTube of hypocrisy and the inability to protect their subscribers from the actions of obvious fraudsters.

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