Cryptocurrency scams are nothing new under the sun. Criminals become bolder and bolder in their approach of defrauding Bitcoin or altcoin holders. On YouTube, some streamers are trying to create live video feeds to “promote” giveaways tied to a specific currency. Anyone participating in such an event will lose their one very quickly, as is to be expected.
The Clever Litecoin Scam
It is always interesting to see how different scammers try to obtain cryptocurrencies belonging to others. In this particular case, it appears they are utilizing YouTube as a platform to do so. Not by creating fake videos or anything of the sort, but rather by effectively creating a live stream that triggers FOMO. By promising a Litecoin giveaway, they intend to capture the audience in the spur of the moment and hopes they will fall for this clever “depositing trick”.
Those who are familiar with these types of scams will know this type of behavior from social media networks. It is a common occurrence to see scammers put up posts to impersonate developers of specific cryptocurrencies. They will then offer a higher return on a transaction sent to them as part of a giveaway or airdrop. Everyone knows these types of advertisements are blatant scams, yet it appears many people will still fall for it.
Trying to Look Legitimate
An effort like this cannot be done by having a random YouTube username and no content to show for it. In the screenshot shared on Reddit, it is clear that someone is trying to impersonate the Litecoin Foundation. For some reason, this fake channel has nearly 4,000 subscribers as well, albeit it is safe to say most of them are bots or fake accounts. There are also over 1.270 people watching live, further indicating some sort of view botting is taking place to make this venture appear more legitimate.
The content in question is rather interesting. it seems to indicate there is a live stream of a Charlie Lee interview at some summit that took place in 2019. The fake Litecoin giveaway is tied to this event, which makes everything seem perfectly normal. At the same time, common sense should prevail when offers like these are made to the general public. The Litecoin Foundation would never give away up to 50,000 Litecoin for no apparent reason. Expecting anything different is wishful thinking, and nothing more.
A new Trend Emerges
It is evident that this type of behavior should be pointed out by community members as early as possible. A lot of novice users may fall for these cheap tactics, which could turn them away from cryptocurrency forever. Unfortunately, it is difficult to weed out such scams unless the individuals behind these ventures are ever properly identified. So far, that has not been the case. It is certainly something for the many blockchain analysis firms to keep an eye on.