Scammers Steal Over 1.5 Million XRP Via YouTube…Details Here
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Answer Scammers Steal Over 1.5 Million XRP Via YouTube…Details Here
According to the platform explorer Scammers have managed to steal more than 1.5 million XRP through fraudulent YouTube videos.
According to the same source, 60% of the stolen Ripple came from Coinbase users, and 25% from private wallets.
While Binance was present for being the most used platform for laundering stolen coins from victims, Binance is responsible for laundering 508000 XRP.
In second place was the NiceChange platform, through which 273,000 XRP was laundered.
The fake videos usually impersonate well-known tech personalities or companies, claiming that users can send a small amount of cryptocurrency to an address to receive more in return.
Xrplorer CEO Thomas Silkgayer says Coinbase and other trading platforms have an opportunity to be proactive and warn users when they try to transfer coins to potentially scam accounts.
Read:CEO implicated in $311 million money laundering case using Bitcoin
The company is trying to flag fraudulent accounts receiving XRP as fraudulent.
Ripple sued YouTube in April, claiming that the site’s willful inaction makes it easy for fraudsters to steal cryptocurrency from Ripple users.
The lawsuit seeks damages to the Ripple brand and reputation caused by YouTube’s failure to stop fraudsters impersonating global payments company and CEO Brad Garlinghouse.
Later that month, YouTube introduced a new video verification system to help US viewers determine whether certain videos contained misinformation.
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