Researchers at With Secure have discovered a network of phoney YouTube videos, channels, and related websites that trick people into participating in shady cryptocurrency investment scams. Millions of people have watched some of these movies, and the scammers are profiting greatly.
According to reports, a USDT investment scam is being marketed on social media. The programme allegedly targets investors with promises of large profits and is connected to the contentious USDT stablecoin. In the past, USDT has come under fire for its lack of openness and has been the focus of numerous regulatory and judicial investigations.
The network of videos has well over a thousand videos in it, many of which are receiving unreal and likely programmed engagement from hundreds of different sock puppet YouTube channels that were created to give the operation some semblance of authenticity (some of these channels are verified). A group of 30 con artists who use the encrypted Telegram app to coordinate their efforts appear to be in charge of the entire arrangement.
The team studied a number of the five to ten minute long videos, which all roughly follow the same script and are presented in a number of languages. Andy Patel of WithSecure served as the team’s leader.
The scripts demonstrate how to launch an application or website where users can create usernames and passwords and top up their accounts with the cryptocurrency USDT, according to Patel. “You receive a return if you invest more money. Nonetheless, funding the app means funding the scammer’s wallet.
The researchers discovered over 700 unique URLs that were nothing more than the crooks’ cryptocurrency wallets while posing as investment online apps. As victims sent cryptocurrency funds to t
heir wallets, scammers claimed to pay commission and rewards. This was really just a ruse to get the victim’s money. To persuade their victims that the programme was real, the con artists frequently presented fictitious documentation of their earnings.
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