Sirlibz
The cryptocurrency space has been infected with a lot of scam activities. There have been cases where people lose money (cryptocurrencies) to these scammers in different cryptocurrency platforms such as Telegram, YouTube and Twitter etc. The recent one bothering people is the YouTube promoted scam.
YouTube Promoted Scam Ads
It is surprising or a bit disgusting and annoying to find out that YouTube could actually allow promoted cryptocurrency scam ads to be displayed to millions of their customers, they do not allow legit cryptocurrency ads to be advertised, so why allow scams. Recently, these misleading ads have been constantly displayed on YouTube videos. YouTube at some point started removing videos that had anything to do with cryptocurrency, they however debunked it as an error promising to reinstate the videos back. (Forbes article).
With all that has been happening, one is left with the option of wondering if the Google subsidiary YouTube is very well conscious of what they are doing and seriously wants to paint cryptocurrency as a bad choice to newbies who are most likely going to fall to the scam.
What the Scam Ads look like
You would normally see them anywhere you would have seen a YouTube ad (before and in between videos). Sometimes too they are uploaded like a live stream on the Video platform. The scammers take videos of popular individuals in the crypto space like CZ, Vitalik , Elon Musk and even recently the CEO of Cardano Charles. They take these videos of them speaking in public gatherings like blockchain summits, on these videos they add text promising you 100% or more returns of your initial deposits almost immediately.
It is worth noting that YouTube is yet to address any of this and it is alarming because individuals are losing money on these scams.
Here is what CZ had to say
Meanwhile, we can’t even buy ads on YouTube… crazy world.Quote Tweet
ADAs CEO, Charles Hoskinson
Will Scam always be there?
Sadly, the answer might be YES. Our daily lives are filled with it honestly, in Banks, in Face to face dealings and the rest of them. We could however minimize the risk of getting scammed by learning and understanding how they work, and fixing the amount of greed we have. When offered something too good to be true, let’s try to contact the official handles or communities to confirm them before sending funds.
They will try to be smarter and create new ways to scam, but so will you, you will be ready.
