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YouTube Scam Impersonates Ripple CEO Garlinghouse for Fake XRP Airdrop

YouTube Scam Impersonates Ripple CEO Garlinghouse for Fake XRP Airdrop
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Despite YouTube’s many aggressive actions against cryptocurrency-related content, the world’s most popular video hosting site is apparently having trouble spotting a massive scam account involving crypto.

On March 23, the crypto community Foreman A fake YouTube account impersonating Brad Garlinghouse, CEO of blockchain major Ripple, in order to promote a fake airdrop scam.

A video containing a fake description of XRP airdrop was uploaded to YouTube on March 19th

The apparent scam account has around 277,000 subscribers and contains only one video, which promotes a fake giveaway in the third largest cryptocurrency, XRP. The video description was uploaded to YouTube on March 19, and it promotes a non-existent airdrop of 50 million XRP tokens and has amassed over 85,000 views to press time.

While the video itself is not fake and is a real interview that Garlinghouse gave In February 2020, the scam lies in the description of the video. Ripple exec has not yet been implemented reaction To Twitter fraud alert so far despite reports Male for him.

Fake XRP giveaway promotion on Youtube. Source: YouTube

Specifically, the video description offers users a fake airdrop contest running from March 20 through March 25, according to the video description. The YouTube scammer is asking users to send between 2,000 XRP to 500,000 XRP in order to “share” in exchange for an instant airdrop of between 20,000 and 5 million XRP. For example, the fraudster promises to send 2.5 million XRP back in exchange for sending 250,000 XRP (40,000 USD) to his/her crypto address. As of press time, the title contains 5135 XRP (800 USD).

Scammers who buy YouTube channels with large numbers of subscribers may be a reason for this

Co-founder of the SPQR Media Encoder podcast, the first to mentioned In the YouTube scam on his Twitter account on March 23rd, confirmed In a recent tweet stating that the scam channel is still running and receiving funding to promote on YouTube. Twitter userAndy_SPQR told Cointelegraph that he noticed the scam page last night when an ad appeared on his YouTube feed.

The co-founder of SPQR highlighted that he immediately tweeted to report the apparent scam because the YouTube account had “a large number of subscriptions but only one video,” while the description promised a free XRP scam. According to the CEO, the reason for the scam is that YouTube allows users to purchase channels from each other. He said:

“In my opinion, I think what happens is that these scammers buy YouTube channels with large numbers of subscribers and then delete all the content and upload that video. I think this is how they can maintain their presence on YouTube.”

YouTube started an apparent crypto war in late 2019

This news comes on the heels of YouTube continuing its apparent war against crypto content makers on the platform.

As Cointelegraph reported on March 10, YouTube has removed another set of crypto-related videos from two separate crypto channels. In late 2019, YouTube also aggressively deleted crypto content from some of the industry’s biggest players. As reported by Cointelegraph, YouTube later admitted that some of the deletions were a mistake, while many crypto YouTubers expressed their intention to move to blockchain-based video hosting platforms to share their content.

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