Michael Saylor Giveaway Scam: Difference between revisions

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/michaelsaylorgiveawayscam.php}}
{{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/michaelsaylorgiveawayscam.php}}
{{Unattributed Sources}}
{{Unattributed Sources}}


[[File:Giveaway.jpg|thumb|YouTube]]A Coinbase customer was tricked into sending 26 BTC to a scammer who created a convincing-looking MicroStrategy website and live-stream on YouTube. There is no indication any funds were recovered. The specific website and channel were taken down within a few hours, however the scammers continue to break into more accounts.
[[File:Giveaway.jpg|thumb|YouTube]]A Coinbase customer was tricked into sending 26 BTC to a scammer who created a convincing-looking MicroStrategy website and live-stream on YouTube. There is no indication any funds were recovered. The specific website and channel were taken down within a few hours, however the scammers continue to break into more accounts.


The country for this case study is not yet known.
The country for this case study is not yet known.<ref name="reddit-6213" /><ref name="reddit-6214" /><ref name="whalealerttwitter-6215" /><ref name="scamalert-6216" /><ref name="blockstream-6217" /><ref name="blockchaindotcom-6218" /><ref name="saylortwitter-6219" /><ref name="gagadget-6220" /><ref name="coincodecap-6221" /><ref name="zycrypto-6222" /><ref name="ms22archive-6223" /><ref name="youtube-6224" /><ref name="thecryptobasic-6225" /><ref name="themarketperiodical-6226" /><ref name="beincrypto-6227" /><ref name="yahoofinance-6228" /><ref name="bloggoogle-6048" /><ref name="hitechglitz-6050" /><ref name="unnamed-11662" />
<ref name="reddit-6213" /><ref name="reddit-6214" /><ref name="whalealerttwitter-6215" /><ref name="scamalert-6216" /><ref name="blockstream-6217" /><ref name="blockchaindotcom-6218" /><ref name="saylortwitter-6219" /><ref name="gagadget-6220" /><ref name="coincodecap-6221" /><ref name="zycrypto-6222" /><ref name="ms22archive-6223" /><ref name="youtube-6224" /><ref name="thecryptobasic-6225" /><ref name="themarketperiodical-6226" /><ref name="beincrypto-6227" /><ref name="yahoofinance-6228" /><ref name="bloggoogle-6048" /><ref name="hitechglitz-6050" />


== About YouTube ==
== About YouTube ==
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!Description
!Description
|-
|-
|January 15th, 2022 8:10:00 AM
|January 15th, 2022 8:10:00 AM MST
|Main Event
|Main Event
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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|
|
|}
|}
== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?


== Total Amount Lost ==
== Total Amount Lost ==
Line 92: Line 94:
== Ongoing Developments ==
== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
What parts of this case are still remaining to be concluded?
 
== General Prevention Policies ==
== Prevention Policies ==
Better education for new cryptocurrency users would be helpful. For example, a simple quiz to explain common types of scams. If this could be standardized, then users would do it once and it would apply to all platforms.
Better education for new cryptocurrency users would be helpful. For example, a simple quiz to explain common types of scams. If this could be standardized, then users would do it once and it would apply to all platforms.


Platforms with delayed withdrawals who check outgoing addresses would also prevent this type of attack, as these types of scams are typically uncovered within a few hours.
Platforms with delayed withdrawals who check outgoing addresses would also prevent this type of attack, as these types of scams are typically uncovered within a few hours.
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}
{{Prevention:Individuals:End}}
== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}
{{Prevention:Platforms:End}}
== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}
{{Prevention:Regulators:End}}


== References ==
== References ==
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<ref name="bloggoogle-6048">[https://blog.google/threat-analysis-group/phishing-campaign-targets-youtube-creators-cookie-theft-malware/ Phishing campaign targets YouTube creators with cookie theft malware] (Jan 26, 2022)</ref>
<ref name="bloggoogle-6048">[https://blog.google/threat-analysis-group/phishing-campaign-targets-youtube-creators-cookie-theft-malware/ Phishing campaign targets YouTube creators with cookie theft malware] (Jan 26, 2022)</ref>


<ref name="hitechglitz-6050">[https://hitechglitz.com/hackers-are-phishing-youtube-creators-to-steal-their-accounts-google-warns/ Hackers are phishing YouTube creators to steal their accounts, Google warns] (Jan 27, 2022)</ref></references>
<ref name="hitechglitz-6050">[https://hitechglitz.com/hackers-are-phishing-youtube-creators-to-steal-their-accounts-google-warns/ Hackers are phishing YouTube creators to steal their accounts, Google warns] (Jan 27, 2022)</ref>
 
<ref name="unnamed-11662">[https://old.reddit.com/r/CryptoCurrency/comments/s6xtxm/the_scammer_who_received_the_single_largest/ht6e634/ sippycupjoe comments on The scammer who received the single largest payment of 26BTC has received a total of 87BTC.] (Sep 11, 2023)</ref></references>

Latest revision as of 13:32, 15 September 2023

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YouTube

A Coinbase customer was tricked into sending 26 BTC to a scammer who created a convincing-looking MicroStrategy website and live-stream on YouTube. There is no indication any funds were recovered. The specific website and channel were taken down within a few hours, however the scammers continue to break into more accounts.

The country for this case study is not yet known.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]

About YouTube

"To begin with, we note that MicroStrategy is the largest crypto investor in the world. The company is developing software for data analysis using artificial intelligence algorithms. MicroStrategy turnkey solutions are used for business decision making and mobile software development."

"The company has more than 124,000 BTC worth over $5,000,000,000. Social media scammers introduced themselves as Michael Saylor and offered investors to double their investment. One gullible user "pecked" at the offer."

"Details from Scam Alert reported that this was a very effective ploy frequently carried out by scammers promising high returns on cryptocurrencies sent to their addresses using the faces of popular individuals. Furthermore, it was revealed that the 26 BTC was sent over five transactions."

“One of the most popular and effective types of scams in which the scammer promises to return multiple times the amount of cryptocurrency the victims sends to them. Giveaways scammers will pretend to be a famous person or to represent a trusted company in order to gain the victim’s trust and are mostly active on Youtube, Telegram and Twitter.”

"Speaking of the attacks, which he has been following for two years, Google says that fraudsters sent emails to content creators on YouTube with a proposal for cooperation. Once the channel owner agreed, the scammers sent a link to malware that appeared to be a legitimate URL." "Google provided an example of one of the phishing emails, and it shows that the hackers will ask the YouTube creator to try the product. In reality, the product is a ploy to trick the victim into installing malware on their computer."

"The attackers created more than 1,000 websites to increase the chances of fraud, including some that were presented as company sites that actually exist, including sites with Cisco VPN and Steam games. One of the websites was presented as a site with “Covid19 news software”. Google has linked to fraudsters about 15,000 accounts registered for this campaign alone and used to send phishing emails to YouTube channel owners, with links to victims to download malware."

"A payment of 26 #BTC (1,124,191 USD) was just made to a confirmed Michael Saylor Giveaway scam!" "It represents the single largest payment made to this kind of scheme."

"We suspect this payment was made through a #Coinbase address."

"Whale Alert reported the incident using their official Twitter handle at about 3 p.m. UTC, stating that a user had lost about 26 BTC to scammers that had created a fake giveaway posing as MicroStrategy head and Bitcoin Evangelist Michael Saylor."

According to Michael Saylor, "489 of these scams were launched on YouTube last week. We report them every 15 minutes and they are taken down after a few hours, but the scammers just launch more…" "According to the businessman, MicroStrategy is trying to track them and send complaints, after which YouTube removes the videos."

"YouTube has since shut down the channel operated by the scammers. The website has also stopped functioning and reports an error message when opened. The loss represents one of the largest single payments for this kind of scheme."

The country for this case study is not yet known.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

  • Known history of when and how the service was started.
  • What problems does the company or service claim to solve?
  • What marketing materials were used by the firm or business?
  • Audits performed, and excerpts that may have been included.
  • Business registration documents shown (fake or legitimate).
  • How were people recruited to participate?
  • Public warnings and announcements prior to the event.

Don't Include:

  • Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
  • Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

  • When the service was actually started (if different than the "official story").
  • Who actually ran a service and their own personal history.
  • How the service was structured behind the scenes. (For example, there was no "trading bot".)
  • Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Michael Saylor Giveaway Scam
Date Event Description
January 15th, 2022 8:10:00 AM MST Main Event Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $1,124,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

General Prevention Policies

Better education for new cryptocurrency users would be helpful. For example, a simple quiz to explain common types of scams. If this could be standardized, then users would do it once and it would apply to all platforms.

Platforms with delayed withdrawals who check outgoing addresses would also prevent this type of attack, as these types of scams are typically uncovered within a few hours.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ The scammer who received the single largest payment of 26BTC has received a total of 87BTC. : CryptoCurrency (Jan 30, 2022)
  2. ↑ Can someone explain to me how people fall for scams like "Send crypto to this adress to double it"? : CryptoCurrency (Feb 3, 2022)
  3. ↑ @whale_alert Twitter (Feb 4, 2022)
  4. ↑ https://scam-alert.io/scam/1Dv4yeEEoWSsmRFzFsNu3J7eiTTiLU3LQF (Feb 4, 2022)
  5. ↑ Bitcoin Explorer - Blockstream.info (Feb 4, 2022)
  6. ↑ Address: 1Dv4yeEEoWSsmRFzFsNu3J7eiTTiLU3LQF | Blockchain Explorer (Feb 4, 2022)
  7. ↑ @saylor Twitter (Feb 4, 2022)
  8. ↑ 22 Best Valentine's Day Gift for Her and Him in 2022 (Feb 4, 2022)
  9. ↑ A User Lost $1.14 Million To Michael Saylor Giveaway Scam | CoinCodeCap (Feb 4, 2022)
  10. ↑ This Bitcoiner Just Lost 26 BTC Worth Over A Million Dollars To A "Michael Saylor Giveaway" Scam ⋆ ZyCrypto (Feb 4, 2022)
  11. ↑ Biggest giveaway CRYPTO of $100 000 000 (Feb 4, 2022)
  12. ↑ YouTube (Feb 4, 2022)
  13. ↑ A User Lost 26 Bitcoin To A Scammer Pretending To Be MicroStrategy CEO, Michael Saylor - The Crypto Basic (Feb 4, 2022)
  14. ↑ https://themarketperiodical.com/2022/01/17/an-investor-lost-26-bitcoins-to-a-fake-giveaway-scam-pretending-to-be-hosted-by-michael-saylor/ (Feb 4, 2022)
  15. ↑ https://beincrypto.com/bitcoin-user-loses-record-1-1m-scam-michael-saylor-giveaway/ (Feb 4, 2022)
  16. ↑ Scammers Posing as Michael Saylor Steal Over $1 Million Bitcoin (Feb 4, 2022)
  17. ↑ Phishing campaign targets YouTube creators with cookie theft malware (Jan 26, 2022)
  18. ↑ Hackers are phishing YouTube creators to steal their accounts, Google warns (Jan 27, 2022)
  19. ↑ sippycupjoe comments on The scammer who received the single largest payment of 26BTC has received a total of 87BTC. (Sep 11, 2023)
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