Although Bitcoin and other cryptocurrencies has taken a turn for the worse recently, crypto investors continue to seek out tips and tricks from others online with the hope of making it big.
Cybercriminals are well aware of this, which is why they often use all the techniques at their disposal to deceive investors. According to a new blog posts (opens in new tab) from Kasperskya new scheme that uses YouTube videos to drive unsuspecting users to fake crypto exchanges is currently making the rounds online.
These videos explain that a “bug” in the crypto exchange Binance enables investors to take advantage of a large deviation in exchange rates. Just as with traditional currencies, cryptocurrency rates are determined by the market itself. However, exchange rates may vary slightly between the different platforms where cryptocurrencies are traded.
Although these differences are usually quite small, a technical error can be resolved in favor of an investor, and this is exactly what cybercriminals behind this new scam claim.
To trick users into falling for their latest scam, cybercriminals behind this new scheme first create a YouTube channel where they post videos describing a “smart” way to get rich, which they want to share with the rest of the crypto community.
In the current video analyzed by Kaspersky’s security researchers, the creators claim that they have discovered a fault in one of the automated exchanges where one Bitcoin can be exchanged for 184 Ethereum despite the fact that the exchange rate on Binance is currently 18.4. As a result, those who exploit this error can get 10 times more money all because of a disappearing decimal point.
To build hype and draw users to their fake crypto exchanges, cybercriminals fill in the comments section of their videos with posts from robots thanking the video uploader for sharing this amazing insider knowledge. However, it does not stop there, as they also go to other popular videos and leave comments about a bug on a popular crypto exchange along with a link to their own video. Here they use bots to ensure that their comments do not get lost among the others.
Dozens of fake cryptocurrency exchanges
Crypto-investors who watch these videos and express interest in exploiting the error themselves, get a link to a website that has this favorable exchange rate. However, this website is run by cybercriminals behind the scheme.
When a user tries to sell their crypto on this fake website, they get a message saying that the rate is only good for 180 minutes. During the allotted time, the victims are asked to transfer the Bitcoin they want to sell for Ethereum to a specific crypto wallet. If they send Bitcoin, it goes to cybercriminals behind the scheme, who of course do not return any Ethereum in return.
As Kaspersky points out, this website is not the only one since cybercriminals have created dozens of fake crypto exchanges and YouTube channels related to this “bug in an exchange rate” scheme.
Kaspersky’s security expert Mikhail Sytnik provided further insight into this scam in an email to Tom’s Guide, saying:
“Cryptocurrencies cope with difficult times due to a constant fall in exchange rates. Those who want to buy currency at the best price are often targeted by scammers. Our recent survey shows that attackers today resort to new and more common ways to reach their victims – even with their YouTube preferences in mind, we strongly recommend that users check the crypto resources carefully and do not rely on random comments on YouTube. “
How to protect yourself from this crypto scam and others who like it
To avoid falling victim to this and other crypto scams, Kaspersky recommends being vigilant if you are offered something for free or see a deal that looks too good to be true. You should always ask yourself why anyone else would share something so valuable with you for free.
Similarly, if someone asks you to send crypto somewhere, you should do research first and check where they are going. If you are not sure that the recipient is legitimate, it is always best not to take the risk no matter how big a deal may look.
Finally, you should have antivirus software or one of those best android antivirus apps installed on all the devices you use to handle cryptocurrencies. An antivirus can block malicious software on your devices as well as warn you before visiting suspicious websites.
