The scammers used footage of Elon Musk, Vitalik Buterin and others.
The exact number of victims and total amount of stolen funds remain unknown.
Through yet another fake YouTube cryptocurrency giveaway, some scammers have made away with more than $1,680,000 from their victim's crypto wallets after promising immediate high returns on cryptocurrency investments.
Group-IB, a Singapore-headquartered cybersecurity firm, disclosed this on Friday on its website.
The scammers defrauded the victims of the said sum between February 16 and 18, 2022, Group-IB said, adding that the exact number of victims and the total amount of stolen funds remains unknown.
The scammers were said to have run 36 fabricated cryptocurrency giveaways via YouTube streams and used footage of Elon Musk, Vitalik Buterin, Michael Saylor and other crypto enthusiasts from legitimate events to create their own fraudulent streams.
These YouTube channels appear to have either been hacked or purchased from underground markets, the company said.
Group-IB explained: “On average, such streams attracted between 3,000 and 18,000 viewers. One fake stream featuring footage of Vitalik Buterin drew more than 165,000 viewers who were promised that their crypto savings would be doubled in real-time.”
The Scammers’ Gimmicks
According to Group-IB, the scammers spread links to their websites in the description pages of their YouTube streams. These websites, the company noted, had been designed to show visitors “the mechanism behind a fake giveaway.”
Several domain names often displayed one and the same crypto wallet address, the company further said, adding that its experts detected more than 30 crypto wallets used for the scheme with a total remaining balance of $933,963.
Group-IB said its analysis of the scammers’ domain infrastructure revealed that the 29 websites were part of a massive network of 583 interconnected resources all set up in the first quarter of 2022.
“Notably, there were three times as many domains registered for this scheme in less than three months of 2022 compared to the whole of last year,” the firm said.
Source: Group-IB
The most popular cryptocurrency used by fraudsters as part of the scheme was Ethereum, the company added.
Further, the cybersecurity company said its Computer Emergency Response Team (CERT-GIB) experts had initially retrieved the links to 29 interconnected websites featuring the guidelines on how to double the cryptocurrency investments.
Most of the websites were said to have used a similar eye-catching design and high-quality images related to cryptocurrency.
Group-IB explained: “When analyzing scam websites promoted during the fake streams, CERT-GIB experts detected an unusual technique.
“Depending on the cryptocurrency and type of crypto wallets, scammers asked visitors to their fake giveaway website to enter seed phrases to connect their wallets.
“Once a victim shares their seed phrase, fraudsters gain control over their wallet and can withdraw all funds from it. The exact number of victims and total amount of stolen funds remains unknown, but clearly, some victims could not resist taking the bait.”
Therefore, the cybersecurity firm urged crypto wallet users to be especially vigilant about free giveaways and not to share confidential data on rogue websites.
In addition, it urged users to double-check the legitimacy of the streams and the websites they are visiting using official sources only.
“If you cannot find any information about the promotion taking place, you are likely being deceived. Seed phrases must be kept secret and stored securely,” it advised.
“To do so, use password management tools. To minimize the risk of leakage, prioritize desktop solutions over cloud-based ones,” Group-IB added.
Rising Crypto Scams
There has been an increasing number of crypto scams in the past few years. Last year, illegal crypto transactions hit a record high.
A report by Chainalysis, a blockchain data platform, showed that illegal crypto addresses received almost $14 billion in 2021, compared to $7.8 billion in 2020.
Social media has been an important source for scammers using the names and pictures of celebrity crypto enthusiasts to perpetuate crypto scams.
The Co-Founder of Apple, Steve Wozniak, in July 2020, sued YouTube for its alleged inaction against bitcoin scams using his images and videos to lure potential victims.
In September 2021, Canada’s Vancouver Police Department (VPD) revealed that residents lost $2 million to cryptocurrency scams within a week alone.
Furthermore, corporate entities are not left out of the mix. Virtu Financial, Inc., an electronic market maker, in January this year issued a public warning to warn against cryptocurrency scammers posing as its affiliates.
Through yet another fake YouTube cryptocurrency giveaway, some scammers have made away with more than $1,680,000 from their victim's crypto wallets after promising immediate high returns on cryptocurrency investments.
Group-IB, a Singapore-headquartered cybersecurity firm, disclosed this on Friday on its website.
The scammers defrauded the victims of the said sum between February 16 and 18, 2022, Group-IB said, adding that the exact number of victims and the total amount of stolen funds remains unknown.
The scammers were said to have run 36 fabricated cryptocurrency giveaways via YouTube streams and used footage of Elon Musk, Vitalik Buterin, Michael Saylor and other crypto enthusiasts from legitimate events to create their own fraudulent streams.
These YouTube channels appear to have either been hacked or purchased from underground markets, the company said.
Group-IB explained: “On average, such streams attracted between 3,000 and 18,000 viewers. One fake stream featuring footage of Vitalik Buterin drew more than 165,000 viewers who were promised that their crypto savings would be doubled in real-time.”
The Scammers’ Gimmicks
According to Group-IB, the scammers spread links to their websites in the description pages of their YouTube streams. These websites, the company noted, had been designed to show visitors “the mechanism behind a fake giveaway.”
Several domain names often displayed one and the same crypto wallet address, the company further said, adding that its experts detected more than 30 crypto wallets used for the scheme with a total remaining balance of $933,963.
Group-IB said its analysis of the scammers’ domain infrastructure revealed that the 29 websites were part of a massive network of 583 interconnected resources all set up in the first quarter of 2022.
“Notably, there were three times as many domains registered for this scheme in less than three months of 2022 compared to the whole of last year,” the firm said.
Source: Group-IB
The most popular cryptocurrency used by fraudsters as part of the scheme was Ethereum, the company added.
Further, the cybersecurity company said its Computer Emergency Response Team (CERT-GIB) experts had initially retrieved the links to 29 interconnected websites featuring the guidelines on how to double the cryptocurrency investments.
Most of the websites were said to have used a similar eye-catching design and high-quality images related to cryptocurrency.
Group-IB explained: “When analyzing scam websites promoted during the fake streams, CERT-GIB experts detected an unusual technique.
“Depending on the cryptocurrency and type of crypto wallets, scammers asked visitors to their fake giveaway website to enter seed phrases to connect their wallets.
“Once a victim shares their seed phrase, fraudsters gain control over their wallet and can withdraw all funds from it. The exact number of victims and total amount of stolen funds remains unknown, but clearly, some victims could not resist taking the bait.”
Therefore, the cybersecurity firm urged crypto wallet users to be especially vigilant about free giveaways and not to share confidential data on rogue websites.
In addition, it urged users to double-check the legitimacy of the streams and the websites they are visiting using official sources only.
“If you cannot find any information about the promotion taking place, you are likely being deceived. Seed phrases must be kept secret and stored securely,” it advised.
“To do so, use password management tools. To minimize the risk of leakage, prioritize desktop solutions over cloud-based ones,” Group-IB added.
Rising Crypto Scams
There has been an increasing number of crypto scams in the past few years. Last year, illegal crypto transactions hit a record high.
A report by Chainalysis, a blockchain data platform, showed that illegal crypto addresses received almost $14 billion in 2021, compared to $7.8 billion in 2020.
Social media has been an important source for scammers using the names and pictures of celebrity crypto enthusiasts to perpetuate crypto scams.
The Co-Founder of Apple, Steve Wozniak, in July 2020, sued YouTube for its alleged inaction against bitcoin scams using his images and videos to lure potential victims.
In September 2021, Canada’s Vancouver Police Department (VPD) revealed that residents lost $2 million to cryptocurrency scams within a week alone.
Furthermore, corporate entities are not left out of the mix. Virtu Financial, Inc., an electronic market maker, in January this year issued a public warning to warn against cryptocurrency scammers posing as its affiliates.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
KuCoin Rolls Out MiCA-Regulated Crypto Platform Across 29 EU Markets
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
