Security News > 2023 > February > Investigators uncover crypto scammers baiting ‘phish’ hooks on YouTube

Figure C. FTC: Crypto scams posted small numbers but lucrative in aggregate.

In a June 2022 note, the U.S. Federal Trade Commission said that crypto is proving a lucrative scam channel, with more than 46,000 people reportedly having lost a total of over $1 billion in crypto to scams since 2021.

The top cryptocurrencies that people reported using to pay scammers were Bitcoin, Tether and Ether.

Rug pull scams: Investment scammers propose a new crypto opportunity or NFT that requires funding.

Phishing scams: Emails carry malicious links that gather details like a user's crypto wallet and other key information allowing access to the victim's crypto.

Upgrade scams: Consumers, accustomed to upgrades, can easily be scammed into giving up their private keys as part of an "Upgrade." SIM-Swap scams: Theft of a cell phone's SIM card can allow access via DFA to the victim's crypto wallets.

News URL

https://www.techrepublic.com/article/crypto-scammers-phishing-youtube/