Crypto scammers on YouTube rehosted a “live” panel discussion — actually from “The ₿ Word” conference in July 2021 — in which Elon Musk, Jack Dorsey, and Cathie Wood discussed “Bitcoin as a Tool for Economic Empowerment”. The scammers added a frame around the video that advertised “giveaways” and “double your money” scam websites. The websites promised that if you sent cryptocurrency to the address, you would receive twice as much in return — a classic scam I remember from the Runescape days, which has also enjoyed success in crypto markets for years. The scammers inflated YouTube subscriber and active watcher numbers to add legitimacy to their streams, and some of them faked screenshots of tweets from Musk.McAfee identified 26 scam websites that were linked from the YouTube livestreams, which altogether took in $1.3 million in Bitcoin and Ether in a 24 hour period.

Total loss estimated at $1,300,000.