38000 Viewers Are Watching A Fraudulent VET YouTube Live-Stream

More than 38000 viewers are watching a fraudulent Youtube livestream that promotes a classic “double your money” scam which is targeting Vechain users of their tokens, as we are reading more in our Vechain VET news.

Vechain is shooting up in the crypto world as it has become the latest target of the classic fake Livestream on YouTube. The Livestream promised to give away half a billion VET tokens and now has more than 38000 viewers at the time of writing. This is an old type of scam that originated from the early days of the Runescape online video game. The scam works by the user giving one token and the platform gives you back two, meaning, and double the money. However, this is never as simple as you never get the money back.

The YouTube version involves hijacking or setting up a fake channel and playing a rolling loop of the old conference footage alongside the QR code linking to a wallet address where you could send the funds. The previous attacks have used the popularity and the legitimacy of targets such as Coinbase and SpaceX among others, to drain Bitcoin from unsuspecting viewers. With more than 38,000 viewers watching concurrently, Vechain seems to be doing fine. SpaceX had a much more recognizable brand and reached 80,000 viewers while the scam lasted. Of course, the validity of the numbers cannot be 100% relied upon.

With most of the naïve crypto users still being in awe after the mass hack of the Twitter accounts in order to carry out the same type of scam, the scammers had to step up their game. They didn’t use the “double your money” scam but the viewers who sent VET tokens to the QR code were promised five times their deposit plus the bonuses for the users that will send 100,000 VET or more.
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There’s also a website with the information to make the giveaway look more real which is regularly updated with data of supposed transactions.

By looking at the wallet addresses on the VeChain explorer, you can see that just three people so far have sent funds at the time of writing. With more than 320,000 VET being deposited, no tokens were returned. This makes the scammers only getting $5,800. The question remains, why does YouTube allow these scams to continue for so long when they ban crypto-related accounts and videos?