A recent report by Crypto Investigations uncovered that cryptocurrency scammers are making upwards of $50,000 a day in XRP through the use of YouTube. According to the blog post, these scammers are creating fake livestreams offering XRP to the community.
These scams are very common, and users need to be educated on how to avoid them. Currently, the scam is to send 1,000 – 100,000 XRP and receive 10,000 – 1,000,000 back. They require you to send the amount first, so they don’t lose anything. As a member of this space it is always important to remember if something seems too good to be true, then it probably is.
The report by Crypto Investigations states that the amount of money being collected is ‘grotesquely huge’ as these scammers are making 200,000 – 400,000 XRP in a single day. Apparently, they can make this much by setting the minimum amount someone can send to 10,000 so it seems more legit and the bigger whales feel like they can trust it.
These scams are everywhere, not just on YouTube and the platforms don’t seem to be doing much about it. It’s not a simple fix, however it should definitely be looked into and the companies behind the big platforms aren’t willing to do anything about it. A simple solution that these businesses could look into is creating warnings and educating users via private messages about these scams and how to spot them so they can be avoided.
As the scams continue it is likely they will be collecting up to 1,000,000 XRP a week, which is staggering and just sad.