The mistake of exchange rates: the new Bitcoin scam

The creation of Bitcoin has brought many benefits to the financial system, and with it, unfortunately, all kinds of scams aimed at deceive others.

Bitcoin: the new exchange rate scam

The the world of cryptocurrencies, in addition to the beauty, wealth and technological innovation it has been able to provide, has always been filled with deception around the corner. As the market evolves, so do the types of scams, where attempts are made to trick the less experienced user.

Kasperskythe well-known Russian cyber security company, has sounded yet another alarm bell in the crypto world.

We don’t talk about hacks, phishing attack or famous the carpet pullsbut a simple scam made especially for those who are new to the business and those looking for easy wins in the wonderful world of the Internet.

YouTube and fake channels, that’s how it’s organized

It all stems from a fake YouTube channel, created specifically with one purpose: to attract as many naive investors as possible.

The channel presents a single video, where this An incredible opportunity to generate profits is presented.

This is accompanied by comments posted specifically by bot accountswhich attempts to lure people into exploiting the bug with phrases such as:

And finally, in the description, one will be able to find the link to the fraudulent website, a simple interface to a crypto exchange developed by the scammers, where one can “enjoy” promised exchange rates.

The “bug” consists precisely in exploiting an oversight of the giant Binancewhich would allow one receive 10 times as much for a Bitcoin deposit.

The catch can be easily discerned from a simple and clear sentence inserted in the video’s description, right after the fake link:

“It trades 1 BTC to 105 ETH instead of 15 ETH right now”.

For those who are even more curious and interested in digging deeper, you can find much more such content promoting this type of scam on YouTube. Just enter the keywords “exchange rate error at binance” in the search field.

The following video contains the catch phrase quoted just above and gives a very good idea of ​​the deception:

https://www.youtube.com/watch?v=5ExrR51fOGM

To top it all off, when you land on the fake platform, the transaction is accompanied by a countdown, until indicate limited availability where you can take advantage of the unique opportunity.

This opens up increased pressure and stress on the unhappy investor to complete the transaction within a tight time frame, thus creating even more confusion.

What are the alarm bells and how to notice the impending fraud in time

First of all, the fact that a newly created YouTube channel presents such an excessive investment opportunity to the world at any time already makes one think “it’s too good to be true”.

The second factor is hidden in the interactions. In most cases, subscribers, likes and views have one truly insignificant number.

Third, but no less important, is publication of only one videowhich leads one to believe that the little theater was mounted for the sole purpose of deceiving!

To make it a bit more “believable”, that video is accompanied by comments obviously engineered to fuel the deception. Of course they are all fake and shared by bot accounts.

Finally the source! IN crypto and blockchain world, due to many frauds throughout history, it has become of great importance forever check the source you want to interact with. It is not enough to verify the referenced names which are now considered safe and reliable by the whole community, but it is recommended to double check the url to see if the platform is the authentic one and not a fake clone.