Technology

Cryptocurrency scam: Paris prosecutors launch investigation against youtuber

The scammer left with a box under his arm. The stranger behind the Crypto Gouv YouTube channel is suspected of stealing between 3 million and 4 million euros from its subscribers by Paris prosecutors, who have just launched a cryptocurrency scam investigation, according to information from France Inter.

A few months ago, this YouTuber, answering the moniker “Crypto Gouv”, launched a channel to give advice and distribute tutorials on investing in cryptocurrencies. A very popular niche: he managed to keep about 10,000 subscribers in a few weeks. Some trusted him so much that they trusted him with their savings.

He reveals the scam himself

Crypto Gouv directly managed the funds of Internet users, offering joint investments in cryptocurrencies or NFTs (non-fungible tokens) instead of investors. He communicated with clients in Discord and Telegram messengers. In the midst of the case, the YouTuber himself exposed the scam to his community in a video posted on July 9 before taking off running.

Since the deletion of the account, about forty victims have already filed a complaint. They invested from a few hundred to several thousand euros. For their part, investigators estimate that between 200 and 300 people were affected by the scam.

Fraud Multiplication

Since then, many other YouTubers in the crypto community have condemned Crypto Gouv’s actions on their channel and on Twitter. The Discord messaging loop was specifically created for mutual assistance between potential victims.

In recent months, reports of cryptocurrency scams have increased. They make up a quarter of reports made in 2021, according to the Financial Markets Police Department (AMF). In the United States, between January 2021 and March 2022, at least 46,000 complaints were filed with the Federal Trade Commission regarding this issue. In addition, there have been a lot of warnings about crypto influencers lately that are aimed at an audience with little experience in the stock market and in trading.

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