Organisers of streams with fake cryptocurrency giveaways stole 1.543 million XRP (~$477,000) from duped users. This is according to data from research firm Xrplorer.
The culprits laundered 839,000 XRP (~$243,000), of which 508,000 XRP (~$147,300) passed through the Binance exchange, and the remaining 273,000 XRP (~$79,100) through NiceChange.
Update on the ongoing XRP scams on YouTube.
— 1,543,000 received
— 839,000 laundered
— Most used VASPs for laundering are @binance (508K) and NiceChange (273K)
— Victims: More than 60% XRP come from @coinbase users, ~25% from private wallets, and only ~2-3% from @binance users— xrplorer.com forensics (@xrpforensics) August 17, 2020
More than 60% of the stolen funds originate from Coinbase wallets, ~25% from private addresses, and only ~2-3% from Binance users.
Xrplorer say that many exchanges are not taking adequate measures to protect their customers from fraudsters. The company’s CEO Thomas Silkjær publicly urged Coinbase to take steps to protect its customers.
Dear @CoinbaseSupport. In the past couple of days, your users have been scammed of more than 230,000 XRP to scams promoted on YouTube.
Isn’t it time you started warning your users when they withdraw to potentially fraudulent accounts? https://t.co/B5crdeZRRn
— Thomas Silkjær (@Silkjaer) August 16, 2020
“Over the past few days, your users have lost more than 230,000 XRP due to scams promoted on YouTube. Isn’t it time you started warning your users before sending funds to potentially fraudulent addresses?”, he wrote.
In April, the fintech startup Ripple and its CEO Brad Garlinghouse filed a lawsuit against YouTube, accusing it of harming the reputation and brand due to fake cryptocurrency giveaways.
In late July, Apple co-founder Steve Wozniak joined a similar class-action suit, a figure whose likeness was also used by the miscreants in the fake videos.
YouTube sought to wash its hands of responsibility for the actions of third parties on the platform.
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