New investors are the ones who are most culpable for such scams. New investors are always looking for a way that they can start enjoying returns from their crypto investments. However, most of these new investors view the crypto market as complex; hence, they go to people who have promised them some returns from their crypto investments.
The largest percentage of the YouTube videos that urge people to send a small amount first to get crypto returns are scams.
How to Spot Crypto Scams on YouTube Videos
There are a number of red flags to look for when assessing if something is a scam.
Examine the Details
The first way for you to spot a YouTube scam is to look closely at the video and the account to identify any hints that it could be a scam. People who run scams on YouTube will not use their real names out of fear of getting caught. Therefore, they impersonate other people or even hack into the accounts of prominent people.
When a YouTube video asks for you to send money for returns, do not be quick to do so out of greed of making some quick money. Take a look at the image and video that is on the channel. Moreover, take time to read the description to see if it matches what the channel is offering.
Some of the hints that show you that the video is a scam include spelling errors on the site or a newly opened account.
However, there are instances where the account of a celebrity could be hacked, and in this case, you might end up sending the money or cryptocurrency out of trust. Therefore, with every YouTube channel, ensure that you follow a related Twitter or other social media account to know if what is being offered is genuine.
Too Good to be True
Scammers usually prey on greed. If you see an ad on YouTube offering a giveaway that is too good to be true, trust your instincts and do not send any money or asset to these accounts.
Such ads are usually created through fake accounts that have been created out of the illusions of popular crypto supporters. For example, when Elon Musk, the Tesla CEO, appeared on Saturday Night Live in May, many YouTube videos claimed to give away free Dogecoin.
However, these ads turned out to be fake, and investors who had sent money to people behind these accounts ended up losing a lot of money. Therefore, do not be too quick to send money because a video promised to give you ten times your investment.
Do Your Own Research
Sometimes, scam YouTube will not appear on your feed. Instead, they will come in the form of an ad when you are viewing other content. These ads are usually structured to grab attention and make you interested in the offer.
However, when you see an ad promising good returns out of crypto, take time to research the person or company behind the initiative. Most crypto developers have Twitter accounts. Therefore, check if there is a verified Twitter account that will support the project.
Moreover, you should also be curious to know how they will generate the returns they will send to you. Influencers are usually paid by crypto platforms to promote their products while giving away some free crypto. However, if it is a random site, ask or research any working model that will allow them to generate returns.
A person who claims to give 10X rewards to tens of thousands of people without a brand endorsement or a verified investment pool is usually a scammer.
Protect Your Cryptocurrencies
Sometimes, a YouTube scam will not ask you outright to send money. Instead, some videos will attach a small description with a link to follow to receive your free gift. One of the most common online safety practices is not clicking on links sent to you by unverified people.
Following such links could end up compromising your account, and you could lose your crypto assets in the process.
To protect your cryptocurrencies, set up a strong password and multi-factor authentication, which will ensure that only you can access your exchange or wallet account,