Jul 22, 2020 at 13:33 // News
Related to the growing number of Bitcoin (BTC) and other cryptocurrency scams using fake advertising, it becomes obvious that the industry needs regulation. Advertising influences people's purchasing decisions, therefore, good social engineering can turn it into a great instrument for luring customers into various digital currency-related scams.
Scammers have been using various social media platforms such as Twitter, Facebook, as well as video streaming platforms including YouTube, to advertise fake projects and abnormal deals attracting people, especially the beginners, to invest in cryptocurrency or send money to provide digital currency addresses.
Advertising in cryptocurrency-related scams
Since the industry is still immature, many people actually don’t know where to start from, as far as investing in cryptocurrency is concerned. Because of this, scammers have managed to play around the minds and steal money from the beginners in the industry by means of cryptocurrency advertisements.
Nevertheless, some advertising platforms have started looking for solutions to protect their users against making unnecessary losses. For instance, YouTube has been trying to block all the accounts advertising and promoting fake digital currency channels and content.
In December 2019, the platform suspended and deleted the most-watched BTC videos of one of the most popular cryptoasset bloggers, Chris Dunn, for breaching rules, according to CoinIdol, a world blockchain news outlet. The platform went ahead to alert the community about the suspension and censorship it has put on all the channels promoting harmful content related to cryptocurrency.