CryptoCore: Inside One of the Biggest Cryptocurrency Scam Operations of 2024

A massive cryptocurrency scam operation called CryptoCore has stolen over $5.4 million from victims in just six months through an elaborate scheme combining fake celebrity videos, hacked YouTube accounts, and fraudulent websites.

The scammers target people interested in cryptocurrencies like Bitcoin and Ethereum by promising to double their investment through fake giveaway events.

How the CryptoCore Scam Works

According to a recent deep dive by Avast, the scammers first identify major upcoming events that will get lots of attention, like SpaceX rocket launches or important cryptocurrency announcements. They then create fake videos using AI technology to make it look like famous people like Elon Musk or Michael Saylor are announcing special cryptocurrency giveaways.

To spread these fake videos, the scammers break into popular YouTube channels—often ones with over 100,000 subscribers. They change the channel’s name and profile to match companies like Tesla or SpaceX. When people search YouTube for the real event, they find these fake channels instead.

The fake videos tell viewers to scan a QR code that leads to websites designed to look exactly like real company pages. These sites claim that if you send them cryptocurrency, they’ll send back double the amount. But it’s all fake—once someone sends their crypto, they never get anything back.

Breaking Down CryptoCore’s Technical Operation

The scammers have built an impressive system to avoid getting caught. They use services like Cloudflare to hide their real website locations and protect against security researchers trying to track them down. Their fake websites even include working chat support where real people respond to questions, making everything seem more legitimate.

The technical setup includes:

• Complex JavaScript code that hides cryptocurrency wallet addresses
• Fake transaction systems that generate false payment records
• Protection against web crawlers and automated detection
• Systems to block certain internet providers and locations
• Special code to prevent website inspection or downloading

The group has stolen different types of cryptocurrency:

• Bitcoin: $3.2 million
• Ethereum: $1.6 million
• Dogecoin: $238,724
• Solana: $102,294
• XRP: $188,441

The most successful CryptoCore campaign happened during a SpaceX rocket launch in June 2024. The scammers took control of about 50 YouTube channels and stole $1.4 million in just a few days. They create urgency by timing their crypto scams around major events and using countdown timers on their fake websites.

What Makes This Scam So Effective

CryptoCore is especially dangerous because the scammers constantly improve their methods. Their AI-generated videos now include high-quality lip-syncing that makes fake speeches look real. They’ve also gotten better at making their websites look professional, complete with fake transaction histories and customer support.

The scammers particularly target mobile phone users because fewer people have security software on their phones compared to computers. According to research, more than 50% of mobile devices have no protection against these types of scams.

The group focuses most heavily on users in the United States, United Kingdom, Brazil, and Germany. About 65% of the YouTube channels they hack have more than 100,000 followers, and 20% have over a million subscribers, giving their scams an air of legitimacy.

Protecting Yourself From CryptoCore

To avoid falling for CryptoCore and similar scams:

• Never trust cryptocurrency giveaways that ask you to send money first
• Be suspicious of YouTube channels that suddenly change their content
• Always check official company websites directly instead of clicking links
• Install security software on both your computer and phone
• Remember that legitimate companies never ask you to send cryptocurrency for giveaways
• Watch out for urgency tactics like countdown timers or limited-time offers
• Check social media accounts of celebrities who appear in giveaway videos; they often post warnings about scams using their image

For YouTube creators, use strong security measures:

• Enable two-factor authentication
• Use unique, complex passwords
• Be careful about clicking email links
• Watch out for fake collaboration offers
• Regularly check account activity for suspicious changes

The CryptoCore operation continues because many victims use mobile phones without proper security protection, and platforms often take too long to remove fake videos. Until companies like YouTube can detect and stop these attacks faster, cryptocurrency investors need to stay extremely careful about any investment opportunities that seem too good to be true.