Investors in Bahrain who have dipped their feet and hard-earned savings into the world of digital currencies have been warned to be alert to fake cryptocurrency ‘double your money’ giveaways on social media.
Millions of dinars have been stolen by scammers in the last month according to researchers as fake Bitcoin, Ethereum, Dogecoin, Cardano, Ripple and Shiba Inu scam offers proliferate.
While scammers hijacking legitimate YouTube accounts to promote fake cryptocurrency giveaways are not new, individuals are still being duped, making these scams extremely lucrative.
Tenable, a cyber-exposure platform that offers insight, research and data to more than 30,000 global organisations, has calculated that, across a subset of YouTube Live scams encountered over the last month alone, scammers have stolen at least $8.9 million (more than BD3m).
“Scammers are leveraging compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu and other cryptocurrencies,” said Satnam Narang, staff research engineer at Tenable.
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