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#Bitcoin-Hostage Videos
/ Categories: Scam Watch

#Bitcoin-Hostage Videos

An elaborate new Bitcoin scam targets Instagram influencers and their followers. In this scam, cybercriminals send an influencer a phishing link that takes them to a fake Instagram login page. If the influencer clicks on the link and then enters their login credentials, those credentials are sent directly to the cybercriminals. Now that the cybercriminals are in possession of the influencer’s login credentials, they can prevent the influencer from logging in by simply changing their password.

Next, the cybercriminals offer to release control of the influencer’s account if the influencer creates a very specific video. In the video, the influencer must say they invested a small amount of money into Bitcoin and gained a huge payout. They are required to also tag and thank the Instagram account that belongs to their “friend” who helped them invest. The catch is that, of course, this “friend” is the cybercriminal that stole the influencer’s account and is holding it hostage. Once the video is created, the cybercriminals post it to the influencer’s Instagram page for all their followers to see. What the cybercriminals are after, are loyal followers to send bitcoins to the cybercriminals under the assumption that they will be making an investment, just like the influencer did. 

Read the following tips to help stay safe from similar influencer scams:
-    Hijacking a social media account is an easy way for cybercriminals to spread false information or scam several people at once. Don’t trust everything you see on social media, and be sure to report any suspicious activity.
-    To the general public, Bitcoin and other cryptocurrencies are still very new and complex. Before you buy coins, learn more about cryptocurrency from well-known and trusted sources.
-    Never trust a get-rich-quick-scheme. If something sounds to good to be true, it most likely is. 

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