How This Crypto YouTuber Scammed His Fans Out Of Over $4 Million

The information is picked up by our colleagues from Le Figaro: the YouTuber who stood at the origins of the Crypto Gouv network managed to steal several million euros from its subscribers. According to the gendarmerie, the target of this scheme could be between 200 and 300 people. The channel has built a community of over 4,000 members in just a few months. Until July 9, 2022, the YouTuber, whose identity is still unknown, exchanged cryptocurrency tips with them daily via Discord and Telegram.

Enough to establish real trust, which he clearly chose to abuse. As Le Figaro explains, the real scam started when he invited his community to form “pools” or co-investment groups in order to bet more. He then asks them to trust him with their funds, promising a huge return on investment. Which leads some to invest tens of thousands of euros.

The Crypto Gouv Network Disappeared Along With Its Community Money

But on July 9, 2022, a dramatic turn of events takes place: Crypto Gouv announces the end of the chain… and of course, community redress is out of the question. The research department of the gendarmerie, which has been investigating since July, estimates the total damage at more than 4 million euros. Approximately 40 people have filed an application, but the gendarmes believe that the number of victims is probably more than 300 people.

Cryptocurrencies and their highly volatile prices are the source of great stories of investors becoming overnight millionaires. Enough to whet the appetite of malevolent actors willing to go with the flow for profit. Therefore, you can often see fake accounts usurping identity in an attempt to deceive Internet users. However, this story shows that we should also be wary of channels that claim to give investment advice.

Read also – Anticryptos draw a new weapon to kill bitcoin

Especially when the network manager asks his community to trust the money directly to him. Given the small number of plaintiffs compared to the total potential number of victims, plaintiffs’ lawyer Me Jeremy Asta-Wola explains that he has formed an association to inform and assist victims. A Discord server has also been set up so that the community can help each other.

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