Even though Bitcoin and other cryptocurrencies have taken a turn for the worse recently, crypto investors continue to seek out tips and tricks from others online with the hope of making it big.
Cybercriminals are well aware of this which is why they frequently use all of the techniques at their disposal to scam investors. According to a new blog post (opens in new tab) from Kaspersky, a new scheme that uses YouTube videos to drive unsuspecting users to fake crypto exchanges is currently making the rounds online.
These videos explain that a “bug” in the crypto exchange Binance makes it possible for investors to take advantage of a huge discrepancy in exchange rates. Just like with traditional currencies, cryptocurrency exchange rates are determined by the market itself. However, exchange rates may vary slightly between the different platforms where cryptocurrency is traded.
While these differences are usually quite small, a technical glitch could work out in an investor’s favor and this is exactly what the cybercriminals behind this new scam are claiming.
In order to dupe users into falling for their latest scam, the cybercriminals behind this new scheme first create a YouTube channel where they post videos detailing a ‘clever’ way to get rich that they want to share with the rest of the crypto community.
In the video in question analyzed by Kaspersky’s security researchers, its creators claim they’ve discovered a bug in one of the…
