Once again, the use of virtual currency is in controversy, and now a court of law is approached to have intervention in the matter. Recently on the video platform YouTube, there was a promotion of the use of bitcoin.
Steve Wozniak has filed a lawsuit against YouTube for allegedly allowing scammers to use his name for phony bitcoin giveaways. In a series of videos that recently emerged on YouTube, scammers targeted YouTube users into giving away bitcoins claiming that Wozniak will return double the amount. The promotions went viral, and many users were scammed in this way.
The lazy approach of YouTube
The lawsuit also has support from many other tech entrepreneurs, as even their names were used similarly. The videos advertised 5000 and 10000BTC giveaways from Wozniak and other tech entrepreneurs. Most people believe that YouTube is not taking the scams seriously and indirectly encouraging the scammers to get away with such fraudulent activities.
YouTube has always been slow in responding to such complaints by individuals. This time also, it continues the same lazy attitude even when high profile names are involved in the scams. The lawsuit filed by Wozniak claims that he has suffered irreparable harm to his reputation due to these scams.
YouTube responds to allegations
Officials from YouTube had claimed that they are serious about the abuse of the platform, and they had always taken timely action when they detected any violation of their policies. Such violations include scams and impersonation. Even after such assurance from YouTube, many market participants are not sure about such scams not happening in the future.
Bitcoin scam on Twitter
Recently, several high profile accounts were hacked on Twitter, and scammers used them to collect bitcoins as investment from unsuspecting victims. This has not gone down well with users, and many are lashing out at Twitter for these scams. Responding to these happenings the CEO of Twitter Jack Dorsey said that they are investigating the hacking attempt and finding ways to fix them at the earliest. Hackers had managed to break into several high profile accounts on this platform.
Such scams have become common, especially after the pandemic broke out in the early part of this year. Many scammers are now finding it easy to target novice investors into giving away bitcoins and cryptocurrencies for such phony schemes. Investors have to be aware of such scams and stay away from them.