Bitcoin [BTC]: Latest YouTube Scam Uses BTC Ads to Loot Users

Scams and frauds are not new entities to the cryptocurrency market and individuals. And companies who are part of the industry always make sure that such vile acts are avoided. In the latest twist of events, a fake company called Nexxzy has started approaching people with the offer of paying for a review of their individual streaming software.

The scam came to light when developers understood that the entry software captured the user’s private login details while at the same time enabling them to control the channel. Once a channel is taken over, the scammers fill it with advertisements related to Bitcoin and other cryptocurrencies.

The fraud has already claimed victims after some users reported a ‘data synchronization error’ message that they received from Google regarding their accounts. Tecnoage, a victim stated that his channel with 17,000 subscribers had been hacked and all he could see were ads. He wrote on YouTube’s help section:

“I believe that the hacker owned a possible game stream recording software called ‘Nexxzy’ because it was after I downloaded this program to test and see if it was feasible to publish or not that the problem started.”

Members of online communities searched far and wide to spot the perpetrator’s modus operandi and that led to the discovery of a couple of other programs with a similar function. They were namely: Mygalaxypc, Vclockbox, Kryptmix, and Hypercleaner. The use of Bitcoin advertisements has unnerved a lot of the victims but proponents of the digital asset space claimed that crypto had nothing to do with it.

Large swathes of people have recounted the ways in which they were tricked with one user talking about a fake sponsor called “Systemforce”. They worded their emails “super professionally, and even made a fake website. If anyone downloaded the program then everything on their PC gets tracked.