Topic: Biggest Bitcoin giveaway scams and how can you avoid them - page 3. (Read 451 times)

During the years I have been in the crypto market, there have been many forms of fraud as mentioned above, including airdrop projects. They asked us to send a small fee to receive something bigger. I don't think someone is good enough to give away his possessions to people we don't know. If they were really good they went to charity.

What's your best bitcoin security practices?

Would you advice shapeshift? Or paper wallet? Or backing up to a secured external hard drive?

That idea itself is already suspicious because giveaways are meant to be given for free without you having to give money first before receiving one. And also, when it's too good to be true, we should really be careful and not to easily believe that kind of giveaways. It's very rampant now that we keep seeing fake and scam giveaways in poplar social media platforms just like mentioned above yet, people still fall for it repeatedly. Even in our local board, there's always an issue of using popular and influential people to deceive others

It is true that, as you said, many people do not know much about this area, and this ignorance opens the way for fraud and theft.
We need to think about this.
I have also talked about teaching this information to children in this article. You can see:

https://bitcointalksearch.org/topic/deleted-5272395

This topic is interesting, in our local Spanish forum we have touched on this topic a lot, what many people should know is that to give away money or Bitcoin is almost impossible, many people do not understand it, only on rare occasions that actually it They do, most people still do not identify very well this type of scams, the easiest way to realize it is when they offer to earn a lot for doing nothing or little.

As we know, scams and hacks due to Bitcoin have increased a lot in recent years.
And these scams are due to the lack of sufficient knowledge of most people in the world to install bitcoins.
In my opinion, these behaviors should be stopped as soon as possible, otherwise the face of bitcoin in the world will change.

For example, I say: A 40-year-old person who does not know bitcoin and hears the news of hacking, theft, fraud, etc. every day, gets discouraged about installing bitcoin and says (why not buy my money in gold or etc ?).
The mentality of the society must change.

This is the simple truth about avoiding being scammed also in real life. Whatever is genuine shouldn't be attached with you first obliging. The fear of not responding back as expected when duty or obligation has been carried out is the reason we have escrow in certain services

No giveaway will ask for payment or any returns in any forms and people should always bare that on their mind since many scammers are using now a high profile identities to create an appealing attention to the people who's seeking an opportunity.

People should remember always that to good to be true is so risky and always end up scam.

Just a simple step don't send out money or Bitcoin if it is a giveaway then why would you need to send first before receiving it?
That is the only thing that you should never forget on crypto or in every currency.
Just ask yourself why would you even need to pay in order to receive a free giveaways?

Recent Bitcoin giveaway scams

Bitcoin giveaway scams have been all over Youtube in the form of ad videos. In the videos, big tech names such as SpaceX’s Elon Musk,
Cardano’s Charles Hoskinson, and Ethereum’s Vitalik Buterin are shown giving away free Bitcoin worth 5,000 BTC up to 10,000 BTC.

These fraudulent videos appear as ads that play before, during, or after any Youtube video, reaching millions of users around the globe.
These scammers have already amassed millions of dollars, and they still haven’t stopped fooling people into sending cryptocurrencies to their addresses.

While giveaway scams are not new to the Bitcoin community, this kind of targeted modus using social media has been going on as early as
February 2020. From Elon Musk to Jeff Bezos and now Vitalik Buterin, these scam videos change their “main face” every few months to attract
unsuspecting victims.

Twitter hacks on popular accounts

Before the Youtube scam videos, a cyber attack on Twitter occurred earlier in February 2020. Hackers breached the accounts of popular personalities
such as Barack Obama, Joe Biden, Elon Musk, Bill Gates and Kanye West and used their platforms to announce fraudulent giveaways, claiming that
these wealthy people will double all Bitcoin sent to a certain address.

Ripple Labs vs Youtube

Last April, Ripple Labs also complained to Youtube about scam videos promising free XRP to people who will send any amount of XRP to a certain address.
Led by CEO Brad Garlinghouse, Ripple Labs filed a lawsuit against the video-sharing platform after they failed to stop the scammers.

Fake Youtube videos of Garlinghouse promoting a fake 50 million XRP airdrop were reported, but Youtube was not able to remove the content
as quickly as Ripple Labs wanted. As a result, XRP holders lost their assets and Garlinghouse’s image was tarnished.

SpaceX Bitcoin Giveaway scam videos on Youtube

This type of scam isn’t entirely new but what boosted the attacks was SpaceX’s launch earlier this year. Scammers used this opportunity to use
big tech names and launch a massive fraudulent attack alongside SpaceX’s most anticipated launch.

Months since the first Twitter hacks in February, millions of dollars have been scammed off of unsuspecting victims. With some of these videos still
popping up on Youtube, people are still being robbed of their coins.

 
What do these Bitcoin Giveaway scams look like and what should you look out for?

Youtube Bitcoin video scams


 
It’s almost a given that it’s a giveaway scam video if a clip of a famous personality
giving a speech with the words 'BTC Giveaway' is plastered all over the screen.

Here’s what happens so you know how to recognize a Youtube video scam:

* These videos show up as ads at the start, middle or end of any Youtube video.
It shows a screen saying if you send any amount of Bitcoin to the displayed address,
then Elon Musk, for example, will double your money and you’ll receive twice the
amount you sent from your wallet.

* The screen-grabbed video looks like a live streaming video.

* The screen provides the wallet address where the people can send their Bitcoin.

* The screen includes a site such as SpaceXBitcoin.org or Spacex.VC that supposedly
gives more information. If you check the sites, they contain information about the
fake giveaway that makes it believable to gullible eyes. These sites even have a terms and
conditions page but small discrepancies on this page should make you question its legitimacy.

* These videos come from Youtube channels that look legitimate, and some may even
be verified with a checkmark. That’s because scammers hacked legitimate Youtube accounts
and changed the branding and content to emulate that of Elon Musk’s SpaceX channel. In one live
stream in June, at least 80,000 people watched and 15.31 BTC were collected by the scammers.

Twitter impersonation Bitcoin scams


 
Amazon CEO Jeff Bezos is among the many hacked Twitter accounts used to lure people into the giveaway scam.
The tweet was immediately deleted by the account.

Here’s how the Twitter impersonation scams worked so you know what to look out for:

* Hackers create accounts that impersonate verified Twitter accounts of celebrities
(Kanye West), influential people (Barack Obama) and companies (Coinbase and Binance).

* By impersonating other people, they tweet that they are giving back to the community
amidst the COVID-19 pandemic and will double all BTC sent to their given address.

* Aside from impersonation, scammers hacked multiple verified accounts of companies
and famous personalities and tweeted the same content saying they have partnered with
CryptoForHealth and are giving back to the community by doubling all funds sent to the given address.


Next actions taken by concerned parties after these scams

While the scammers remained anonymous, their movements could be traced through the blockchain. Cyber-security firms such as Adaptiv
tracked the flow of Bitcoin sent to vanity addresses containing names such as Elon Musk, Tesla or SpaceX and found over 66 addresses.

These addresses have been reported to Bitcoinabuse.com, a public database of Bitcoin addresses used by hackers and criminals.
Using Adaptiv’s research data, Bitcoinabuse found that 214 BTC have been sent to the Elon Musk vanity addresses alone,
accounting for more than USD$2 million.

Twitter’s cyber-attack response

During the Twitter cyber-attack in February and July, the social media site immediately responded and locked down the high-profile accounts
to prevent the scammers from tweeting any further. The CrypoForHealth scam website mentioned in the fraudulent tweets was immediately suspended
by Namesilo, the domain registrar used by the scammers.

Google and Youtube were sued

Unfortunately, things didn't go as smoothly in Youtube’s situation. Due to their slow response, tech entrepreneur Steve Wozniak sued Google and
Youtube for allowing scammers to use his name and image in these scams. Aside from Wozniak, 17 other victims are also suing the video-sharing platform.

Youtube denies liability saying that they are not at fault for the scammers using their platform. However, to appease the violated parties, Youtube stated,
'We take the abuse of our platform seriously and take action quickly when we detect violations.'

Ripple Labs was the first to file a lawsuit against Youtube with the accusation that despite having the power to stop the illicit use of their website,
the platform allegedly gained profit from the ad money.

Lots of people have complained to Google, who owns Youtube, since these videos keep popping up. Up to now, you can search ‘SpaceX special event’
on the platform and you’ll see streaming videos with the same screen sharing a QR code for a Bitcoin address and an Elon Musk interview clip.


How can you tell if it’s a Bitcoin scam?

If it’s too good to be true, it probably is.
Some people have the notion that unlike fiat money, earning Bitcoin is easy. Alas, that’s not true. Receiving free Bitcoin already sounds sketchy and
a sweet promise can render a person irrational and pliable so make sure to not fall into such promises.

Be aware
There are plenty of scams out there, and the first thing you can do to avoid it is by being aware. Research and learn to detect red flags in deals or giveaways.
From blackmails, fake exchanges, phishing emails and free giveaways to pyramid schemes and malware, there are plenty of scams out there.

To protect yourself, learning about previous Bitcoin hacking and scamming incidents is good essential knowledge to have. This will help you
know how scammers were able to breach security protocols, and how you’ll be able to protect your funds.

For example, the controversial Mt. Gox incident where thousands of Bitcoin were stolen taught crypto holders to never store their funds on an exchange site
due to its vulnerability. Instead, invest in a secure crypto wallet and transfer your coins as soon as you receive them.

Run a search
If you’re sceptical, run a search to see if the giveaway is a scam. There’s a high chance that other holders have seen it and are questioning
its legitimacy as well. Forums are one of the best places to do this as you can ask your fellow crypto enthusiasts to help certify the legitimacy of a giveaway.

Check the legitimacy of the site
Scam alert sites such as Bitcoinabuse and Scam Alert are created for this purpose. Go to any of these sites and check if the site in question
has already been reported there.

If a contact number or email address is given, reach out and ask for verification or certification. Ask security questions and request to speak with
a customer service staff since bots can run messaging applications.


What to do if you come across a Bitcoin scam?

If you come across a Bitcoin scam, you should report it to Bitcoinabuse and Scam Alert first so the sites can be taken down.
Afterwards, you should report the video and channel to Youtube as fraudulent activity or report the tweet and questionable account to Twitter.

It is vital to report the site to Bitcoinabuse and Scam Alert first because if you report the video or tweet to their respective companies,
they will be taken down but the website will still be live.


Can you recover a scammed Bitcoin?

Unfortunately, crypto transactions are irreversible as per the blockchain. Once you send funds to a scammer’s address,
there is nothing you can do to get it back. That’s why it’s important to educate yourself about these crypto scams since once you’re pulled into them,
there is no insurance and you will not be able to get your money back.


Cheers,
Karl
Bitcasino.io