Researchers have found a massive network of fake YouTube videos being used by attackers to launch crypto scams. These fake videos advertise fraudulent web-based apps for USDT (also known as Tether) that manipulate users into joining dodgy cryptocurrency investment scams.

Diving into details   

Discovered by WithSecure, the widespread cryptocurrency scam was carried out by around 30 threat actors who managed to generate over $100,000 in revenue from 900 victims.
  • The fake YouTube channels disseminated over 700 distinct URLs and were controlled via a small group of hackers on Telegram. 
  • To make the channels look legitimate, threat actors automated copy-pasting comments to videos. The description fields attached to the videos also employed popular SEO tactics to boost the search functionality. 
  • To lure victims, the fake apps included bonus VIP structures that promised higher return options in exchange for different investment commitments.
  • Many of these videos also encouraged victims to invite friends and family to participate, asking for a small amount from each person. 

A major security concern

  • With the rising popularity of cryptocurrency among users, a recent report from FTC highlights that the scammers had scammed out of over $1 billion in cryptocurrency, between January 2021 and June 2022. 
  • Besides these, cybercriminals are continuing to evolve their tactics to drain more crypto assets. In one such incident, they were found leveraging crypto drainer phishing pages to trick investors into giving away the funds in their wallets.
  • In another incident, scammers used an address poisoning tactic to siphon off cryptocurrency from MetaMask users.


Cryptocurrency scams are here to stay. As operators behind such scams will continue to create new fake apps and post new videos, cryptocurrency investors must exercise caution when coming across any attractive investment schemes. They must also refrain from clicking links that appear to be unsafe or unsecured.
Cyware Publisher