Scammers and their frauds are on the lookout for beginners in the crypto market, as they look for any opportunity to pounce on investors’ money.

These scammers also update their methods and stay informed of what is happening, and take advantage of everything that would help them in their fraud.

Fake UNI crypto distribution on YouTube:

As we mentioned earlier on the Arab Bitcoin website, the popular decentralized cryptocurrency exchange Uniswap has launched its long-awaited digital currency called UNI Coin.

This announcement was accompanied by a free distribution of Uniswap tokens of 15% of the total UNI digital currency supply to users who used the platform before September 1, 2020.

Read:Cardano Founder Describes Bitcoin Blockchain as Unsuitable for Innovation and Creativity

Of course, distributing the cryptocurrency free of charge quickly caught the attention of the crypto community.

Apparently the scammers were watching closely, too.

It didn’t take long, just a day after the launch of the UNI cryptocurrency, unknown scammers promised to distribute UNI cryptocurrency gifts on YouTube.

Where scammers got hold of Uniswap channel is fake On YouTube it supposedly has more than 400,000 subscribers, who apparently hacked it from a legitimate account and took it over.

They also released a live video featuring 40,000 viewers live with Uniswap creator and founder Hayden Adams.

As for the fraudulent operation method, the scammers relied on the traditional method i.e. sending UNI coins to the scammers’ addresses to double what was sent, meaning if the user sends 250 UNI, the scammers promise to return 500 UNI.

The process is crystal clear as fraudulent, especially its reliance on the traditional method of fraud, which is to double the amount sent.

Google intervened and removed the first clip uploaded by the scammers, and videos of repeated old interviews by “Adams” remain, but they do not contain UNI coins.

Read:Average Ethereum (gas) Fees Drop 50% in Six Weeks…Here Are Possible Reasons

Victims who fall into this scam and actually send their cryptocurrency to the addresses provided will not receive anything in return.

Exacerbation of the problem:

Fake giveaways and giveaways similar to what we mentioned in the article above represent a growing threat to the cryptocurrency space, its image, and most importantly harm to users.

Although these offers sound too good to be true, scammers continue to do so on many social media platforms, especially YouTube.

This is where the main problem lies.

Read:Extension on Google Chrome steals private keys of cryptocurrency from its users

The formerly Google-owned platform has been criticized and even sued for not doing enough to combat fraud.

Since the YouTube platform is a huge platform that adds millions of videos, it is difficult to manually audit them, so they rely on algorithms that often confuse fraudulent content with good content, which sometimes leads to the ban of legitimate cryptocurrency content creators.

Twitter has previously been subjected to a cryptocurrency fraud similar to what we presented in this article.

Social media platforms struggle to find the most suitable solution, while users need to be extra careful and vigilant about freebies especially those that are easy and profitable in a way that is hard to believe.

Read also:

A currency similar to the UNI digital currency is flying and rising by 500.000% for this reason!

Why is the obsession increasing about Bitcoin?