VeChain scam: 38,000 people are watching a live broadcast on Youtube right now

VeChain has clearly become more popular in the world of crypto coin, as it was the last target of the classic Bitcoin Up coin fake AirDrop on YouTube. The live broadcast, which promises to give away half a billion VET tokens, had 38,000 viewers at the time of writing.

„Double your money“
It’s a classic scam, supposedly originating from the early days of the online video game Runescape. You give me a token, I’ll give you two back. Double your money. Simple. Except for the fact that you never get the two tokens back.

The YouTube version of this dirty play involves stealing or setting up a fake channel, and continually playing old conference images along with a QR code that links to a wallet address where you must send the funds.

Previous attacks this year have used the popularity and perceived legitimacy of giants like Coinbase and SpaceX, among many others, to extract Bitcoin from innocent viewers.

Fake SpaceX channels on YouTube steal $150,000 in BTC from viewers

According to reports, with 38,000 live viewers, VeChain seems to have gained quite a bit of popularity on its own. SpaceX has a much more recognizable brand and only garnered about 80,000 viewers during the scam.

Of course, the validity of these numbers cannot be trusted 100%.

Actually, multiply your money by five
Many of the more naive crypto headlines are still complaining about the massive hacking of Twitter accounts this week to carry out the same scam, which led many con artists to improve their game this time.

Twitter Hacking Autopsy: Coinbase, Binance and BitGo may know the identities of the hackers

And they have it upstairs. Instead of the usual „double your money“ scam, viewers who send VET tokens to the on-screen QR code are promised five times their deposit, plus bonuses for those who send 100,000 VETs or more (worth about $1,800).

There is also a website with the information to make the „gift“ look more genuine, which is regularly updated with details of alleged transactions in and out of the wallet.

Justin Sun offers a $1 million reward for Twitter hackers
Too soon?

Checking the wallet address in the VeChain browser shows that so far only three people have sent funds at the time of this publication. Just over 320,000 VETs have been deposited and, surprisingly, no tokens have been returned.

This makes the scammers steal a disappointing $5,800. Although even this should be considered too much.

Who are these people who continue to let their ambition override their common sense? And perhaps more pertinently, why does YouTube allow these scams to continue for so long when it regularly takes Cointelegraph live broadcasts off the air as „harmful content“?