Crypto Youtuber stole $ 4 million from its subscribers

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The Paris prosecutor’s office has launched an investigation after some forty complaints were filed against YouTuber Crypto Gouv. The latter asked his subscribers to entrust him with their funds by sending them enticing prizes. Crypto Gouv has now followed suit and seized the assets of its subscribers for damages estimated at € 4 million.

Trusted by hundreds of investors

YouTube blogger Crypto Gouv, whose identity was never revealed, has provided tips for investing in cryptocurrencies on his channel. Without showing his face, the YouTuber gradually gained the trust of thousands of subscribers.

Once the network went live, Crypto Gouv invited its 4,000 followers to meet on Telegram and Discord to share trading tips and make group investments. Neighbor 300 people he would probably have entrusted him with funds with the promise of fabulous profits.

On July 9, Crypto Gouv publicly announced the confiscation of the invested funds and revealed the mechanics of their scam. In his Telegram group, one person also ironically:

I don’t owe anything, when I go in and out of a deal, I take it from the market. I’m sorry for those who have lost money. Now you understand cryptocurrencies. Learn to never trust your cryptocurrencies. Best wishes.

About forty complaints were then filed, which prompted the Paris prosecutor to start an investigation.

Some of the plaintiffs invested several hundred euros, while others lost several thousand. In total, almost 4 million euros were stolen. By simple admission of the three lawyers of the plaintiffs, Mr. Auction-Vault, The chances of finding a scammer are next to nilthe latter is presumably abroad.

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If you are interested in cryptocurrency, you may have been attacked by questionable sponsored content on Youtube. On the platform, various so-called traders offer to manage your funds, promising “guaranteed” profits. At first sight, no confidence required.

In France, fund management is highly regulated. Traditionally, suppliers have to register with the Autorité des Marchés Financiers (AMF) to obtain a Digital Asset Service Provider (PSAN) license. This provision mainly applies to trading rooms. A list of companies authorized to buy, sell and hold digital assets is available on the AMF website.

However, there is legal uncertainty regarding managing crypto assets on behalf of others. In fact, consulting and investment activities, guaranteed or not, do not need to be registered in cryptocurrencies.

So when in doubt, it remains preferred check your funds. While it’s not always easy to decide which cryptocurrency to invest in and when, various platforms such as Coinbase or Binance offer you staking services. These services offer an annual interest rate (APY) of up to 5.75% and 36.79% respectively. This is a good way to generate income by limiting risks and mobilizing without technical knowledge.

Youtube will attract more and more cryptocurrency scammers

According to a study by cybersecurity firm Kaspersky, growing number of cryptocurrency scammers will be on Youtube. Today, the comment sections for videos with cryptocurrency-related content would be filled with scammers.

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According to the report, most of the scam comments are designed to promote services that offer investors the lowest prices in exchange for fantastic “guaranteed” returns. However, this promotion is often tricky. The scammers make money-making promises and invite internet users to view their YouTube channel.

It highlights various links that promise promotions to users on fund management services or even cryptocurrency donations. In both cases, victims are asked to link their wallets before their assets are expropriated.

Kaspersky also claims that scammers use advanced algorithms to generate comments that can end up in the comments section.

The online video giant has repeatedly stood out for its lack of mobilization to prevent fraud on its platform. However, at the moment, the only option is to report Internet user fraud. Therefore, the scammers have the opportunity to make many victims before they are banned from the platform.

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