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

The data is taken by our colleagues from Figaro: a youtubeur, at the beginning of the Crypto Gouv chain, managed to steal several million euros from his subscribers. According to the gendarmerie, the scheme would target 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 remains unknown for now – was exchanging crypto tips with them on a daily basis, via Discord and Telegram.

Enough to establish a real relationship of trust, which he apparently decided to abuse. As Le Figaro explains, the real scam started when he offered his community to get together in “pools” or groups to invest together in order to bet more. He then asks them to trust him with their funds with the promise of a huge return on investment. What prompted some to invest tens of thousands of euros.

The Crypto Gouv chain disappeared with its community’s money

But on July 9, 2022, a dramatic twist: Crypto Gouv announces the end of the chain… and of course no reimbursement to the community. The investigative department of the Gendarmerie, which has been investigating since July, estimates the total damage at more than 4 million euros. Complaints were filed by about forty people, but the gendarmes believe that the number of victims is probably around 300.

Cryptocurrencies and their highly volatile prices are the source of great stories – with investors becoming overnight millionaires. Enough to whet the appetite of malicious actors ready to surf on the lure of profit. Therefore, it is common to see fake accounts usurp the identity of a person in an attempt to scam internet users. However, this story shows that we also need to be wary of channels that claim to provide investment advice.

Also Read – Anti-Crypto Unveils New Weapon To Kill Bitcoin

Especially when the chain manager asks his community to directly trust him with money. Considering the small number of plaintiffs in relation to the total potential number of victims, civil parties lawyer Me Jeremy Asta-Vola explains that he started an association for information and assistance to victims. A Discord server has also been set up to allow the community to help each other.

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