- Cardano CEO Charles Hoskinson is attacking YouTube for the newly emerging scams that are using his keynote at the Virtual Summit.
- YouTube scams have a long history, with the scammers using speeches by important figures such as Vitalik Buterin, Changpeng Zhao or Brad Garlinghouse.
The inventor of Cardano (ADA) and IOHK CEO Charles Hoskinson has posted a tweet that is related to an unfortunately widespread problem in crypto space: YouTube scams. Since Bitcoin reached its all-time high of 20,000 USD in 2017, scams on YouTube have increased dramatically.
Although they have taken many forms, one of the most common is the reproduction of speeches by important people while advertising an airdrop or cashback. The scammers usually provide their own wallet address to which a certain amount of money is to be sent. The promise is then mostly that the user will get back twice the amount sent. In the recent past, such videos have even appeared as ads on YouTube.
Among the crypto space personalities that the scammers have used are Vitalik Buterin, co-creator of Ethereum; Brad Garlinghouse, CEO of Ripple; Changpeng Zhao, CEO of Binance Exchange and now Charles Hoskinson, CEO of IOHK. The latter stated the following:
It has come to my attention that a scam has been floating around using my conference keynote to promote a giveaway this is a scam. Please report it to YouTube. We will take legal action if we can against those responsible.
Although the video was removed, it was reported that the scammers used the keynote of the Virtual Summit related to the launch of the Shelley mainnet. In addition, users reported other scams related to a fake airdrop. In the crypto community, Hoskinson’s words have reignited a debate about the importance of having an alternative to YouTube. Many members of the crypto community expressed their dissatisfaction with the platform’s reputation for removing content related to crypto. Even when the creators and channels are legitimate, YouTube has imposed a censorship on the industry.
Moreover, the platform has been accused of allowing and even benefiting from scam videos, such as the one reported by Hoskinson. The most recent case involved a lawsuit by Ripple Labs and Ripple’s CEO. The company claims that the platform does not take the necessary steps to get this content off the platform. Ripple’s CEO has even claimed that YouTube ignored the warning of Ripple. Something similar happened with the video denounced by Hoskinson, a user reported:
I’ve been reporting these for weeks. Instead of going away, they seem to be ramping up. Now that pop up on videos I click on and I go out thinking I clicked the wrong video. Youtube bans people for speaking of bitcoin but allows this!
YouTube has stated that due to the amount of videos, users and the limited number of employees available because of the pandemic (Covid-19) it is difficult to monitor everything. However, a measure to mitigate the reported situation has not been implemented while “high-quality” content related to cryptocurrencies continues to be removed from the platform.