Cryptocurrency scams are a recurring aspect of the market. They go back to 2013, were accelerated in 2017, and have been ever-present since.
Today, Cardano’s Charles Hoskinson called out YouTube over an ongoing ADA scam, which sees scammers post elaborate videos and advertisements for the old “send me 1 ETH and I’ll send 2 ETH back.”
What makes this concerning is that cryptocurrency ads, by themselves, are censored and not allowed on the video-sharing giant—but scams for those are, seemingly, allowed.Cardano founder calls out YouTube
Hoskinson said Sunday a scam was floating around YouTube using his last keynote address as a construct:Source
“We will take legal action if we can against those responsible,” he noted, adding in comments the giveaway was “disgusting and criminal.”
The now-removed video overlaid scammy texts and enticing ADA offers over Hoskinson’s legitimate keynote address. For gullible viewers, this could have been interpreted as an official Cardano giveaway (nothing like that currently exists).
Others said an ADA airdrop scam was doing the rounds as well, meaning there are multiple scam models—or the possibility of another group targeting ADA-centric viewers.Source
Some noted celebrities, popular technology evangelists, and fund managers were targets of similar videos and advertisements. These have, previously, included Elon Musk and Chamath Palihapitiya.
One commenter said YouTube could have been ignoring the ads and videos for the revenue they generated. This is important, as most legitimate crypto-based videos are immediately removed from the site.
Thread commenters pointed out Binance and Ripple were undergoing similar scams as of last week, with both firms taking legal firm against or taking up the issue with YouTube:Source XRP scams and an explanation
In April 2020, Ripple sued YouTube for not controlling the rampant scams running on its platform. A report quoted Rip...