YouTube has been accused of failing to address Musk's Bitcoin scam Streams

YouTube has been chastised for failing to combat a network of cyber-criminals who are broadcasting fake Elon Musk videos in order to defraud viewers. The criminals are taking over YouTube accounts and posting videos promoting bogus cryptocurrency giveaways.

Hundreds of these streams were watched by tens of thousands of people over four days this month, according to BBC News. Elon Musk stated on Tuesday that YouTube would not be addressing "scam ads." According to YouTube, reported channels are removed.

For months, the streams have duped thousands of people into sending cryptocurrency to criminals in the belief that they will receive a prize from Mr. Musk. One of the most common links leads to the website https://elon-x2.live/, which invites people to double their money by sending Bitcoin or Ethereum to the advertised digital-wallet addresses.

The scammers made $243,000 (£194,000) in just over a week, according to wallet transaction history:

• 23 bitcoin transfers totaling 7.68923261 coins worth $234,000
• 18 Ethereum transfers totaling 5.016 coins worth $9,000

According to Whale Alert analysts, the giveaway scammer wallets they monitor show profits of:

• $98m in 2021
• So far this year, $30 million has been invested.