YouTube XRP Giveaway Scammers Making $50,000/day

Crypto Investigations
Nov 1 · 2 min read

YouTube scammers are making $50,000/day or more just by making fake livestream videos offering XRP. I have never seen anything like this in following crpyto. This is a brazen fraud in real-time, and the amounts are just staggering.

Here are some videos and addresses:

https://www.youtube.com/watch?v=Tm9_zzrzMqs

https://www.youtube.com/watch?v=BdgPWfR4EoI

https://bithomp.com/explorer/rscycN6bV7bjtRfZtJrwV5ShHCaYkfZC9h

https://bithomp.com/explorer/r9Jn2QE8KLdZTWc1qCBU4szfgS5YbDT2uU

This is just from the past 24 hours, and this has been going at least since November 2018.

The template and call to action is usually the same: send 1,000–100,000 XRP and get 10,000–1,000,000 back.

They are hacking into old youtube accounts and doing livestreams on them. You can tell because the old videos will still be up.

The amount of money is just grotesquely huge. One person made 200k xrp in just a day. Another is on track to make as much as 400k. A reason why they make so much is because the scammers figured out that by setting the maximum amount from 10,000 to 100,000, they can capture the very, very long tail of the “stupid distribution.” Most people will send between 1,000–5,000 XRP but there is always that one guy who will send 50,000 or more. Pretty smart. An entitle year’s worth of salary in just a day. It’s remarkable both how many people fall for this and how readily people will part with their XRP.

Google/YouTube seems to be unable/unwilling to do much about this. The problem is exploits and hacks can be fixed by patching the holes and beefing up security but fixing human behavior such as gullibility is harder, and these scams do not take advantage of exploits, but rather features such as tweeting and livestreaming, which are abused.

At the rate they are going they will scam 1 million XRP/week and 50–70 million XRP will be stolen after a year. The total amount stolen is probably in the 4–6 million XRP range, across all the wallets going back to mid-2018, if I had to guess based on a tally. This is unacceptable. Maybe by raising awareness Google will do something. Maybe Ripple repsentastive are workingwith Googleto do something. They have the power to remove this content from their platform and at least try to prevent it from being published. Or maybe not.

    Crypto Investigations

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    Crypto Investigations

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