Cryptocurrency scams are popular in the industry, but now, the scammers have become smarter as they are now using advanced tactics to attract people. The founders and CEOs are being shown in the ads running over the online streaming platform, YouTube. Cardano’s Charles Hoskinson and Binance’s Changpeng Zhao have reacted to these scam ads running over YouTube in which they are portrayed.
Charles Hoskinson’s Reaction
IOHK CEO Charles Hoskinson has shared a video and calling it a scam. In this video, scammers have inserted Hoskinson with his keynote speech in the video. They are asking the audience to send them Cardano (ADA).
Hoskinson said in a tweet:
It has come to my attention that a scam has been floating around using my conference keynote to promote a giveaway https://youtu.be/MqeEhezvI1s this is a scam. Please report it to YouTube. We will take legal action if we can against those responsible.
Changpeng Zhoa’s Response
In another scam, the CEO of Binance has been portrayed. This is also a video scam in which viewers are asked to send 0.1 BTC to 20 BTC in order to get a double amount in return. In response to it, Zhao reacts to it by saying,” Meanwhile, we can’t even buy ads on YouTube… crazy world.”
Hoskinson and Zhao are not only involved in these scam videos, but the prominent names are also used by fraudsters to robe money from people.
In most cases, the name of Elon Musk has been used to manipulate people as cybersecurity experts found out that about 214 Bitcoin (worth $2 million) sent to addresses with tag names such as SpaceX, Elon Musk, etc.
In April, a scam witnessed that was related to XRP. And a victim lost nearly $15 million in a fake giveaway of XRP. But Ripple responded to fraud by sending several requests to YouTube to act against these fraudulent activities. As YouTube did not take any notice, Brad Garlinghouse, the CEO of Ripple, decided to file a lawsuit against YouTube.