An earlier post seems to provide more context, https://scaminvestigations.substack.com/p/better-than-ransom...
That still doesn’t explain the scam.
They explain it in the first paragraph.
YouTube crypto giveaway scams
11–20 of 108 posts
Re: YouTube crypto giveaway scams
#12So, how does the scam work?
If it's like other crypto giveaway scams it works like this: Twitter account impersonating some celebrity, e.g. Musk: "to show my love for crypto, I am giving some away. Send bitcoin to and I'll send double back!" Replies from other Twitter accounts controlled by the scammer: "wow, I had my doubts but I sent some money and got double back. Now I'm rich. Thanks Musk!" Marks: send crypto to that address and never get a…
AKA the EVE Online Jita chat scam.
Re: YouTube crypto giveaway scams
#13So, how does the scam work?
If it's like other crypto giveaway scams it works like this: Twitter account impersonating some celebrity, e.g. Musk: "to show my love for crypto, I am giving some away. Send bitcoin to and I'll send double back!" Replies from other Twitter accounts controlled by the scammer: "wow, I had my doubts but I sent some money and got double back. Now I'm rich. Thanks Musk!" Marks: send crypto to that address and never get a…
People usually try with a small amount first. They might get that small amount back - which "confirms" they are getting something back. Then they send a larger amount.
Re: YouTube crypto giveaway scams
#14So, how does the scam work?
If it's like other crypto giveaway scams it works like this: Twitter account impersonating some celebrity, e.g. Musk: "to show my love for crypto, I am giving some away. Send bitcoin to and I'll send double back!" Replies from other Twitter accounts controlled by the scammer: "wow, I had my doubts but I sent some money and got double back. Now I'm rich. Thanks Musk!" Marks: send crypto to that address and never get a…
its astonishing that anyone would fall for this...
Re: YouTube crypto giveaway scams
#15This seems like quite a low effort investigation that also just assumes all transactions are victims.
My guess is that throughout the live stream they would have shills in the chat LARPING as genuine viewers sending their crypto and successfully receiving the reward, so a lot of the TXs would be from the scammers themselves used to fool other sheeple.
Re: YouTube crypto giveaway scams
#16Lol a doubling scam. These scams have existed since MMOs began and you could trick people into giving you items/currency under false pretenses.
Ironically a smart contract is probably the safest way for a customer to engage in a doubling scam.
Re: YouTube crypto giveaway scams
#17Victims already fell for the first part of the scam, buying into crypto without first understanding what it is.
Re: YouTube crypto giveaway scams
#18Surely there is a mechanism in these technological marvels which are cryptocurrencies to get the money back?
Re: YouTube crypto giveaway scams
#19Lol a doubling scam. These scams have existed since MMOs began and you could trick people into giving you items/currency under false pretenses. Ironically a smart contract is probably the safest way for a customer to engage in a doubling scam.
For those that aren't aware. It's pretty easy to write an escrow smart contract which ensures both parties got what they signed up for. But anyone falling for this scam definitely isn't going to ask "Can we use an escrow contract to double my money?"
Re: YouTube crypto giveaway scams
#20crypto scams in general are out of control.
Crypto scam is redundant.