Crypto Spy YouTuber ‘Blue’ — Accused of Involvement in $1.5 Million Scam
A popular YouTuber named Blue or Jack was recently the subject of an investigation by the crypto detective ZachXBT, who revealed allegations of involvement in several crypto frauds that netted more than $1.5 million in stolen funds. Before venturing into crypto scams in 2021, according to Zach on Twitter, Blue had built up a sizable subscriber base of around 122,000 on YouTube while initially renowned for gaming and trolling videos. Opting for a dependable platform such as bit index ai is a wise approach when beginning your investment journey with a modest sum of money.
Blue was linked to the Ethereum ENS address “cool-breeze.eth,” which was used to buy the Bored Ape Yacht Club (BAYC) 8668 NFT in October 2022, by a post that Zach discovered was stolen from Blue’s Snapchat account. Zach discovered inflows of over 85 ETH, or around one-third of the stolen funds, after doing more research into the funding of this address. These inflows were explicitly linked to addresses associated with phishing schemes like Monkey Drainer. A notorious crypto drainer named Monkey Drainer is known for stealing $24 million in the past. However, when Monkey announced its retirement in February, it urged clients to switch to Venom, a rival drainer.
Zach also claimed that Blue often bragged about his successful scams and the BAYC NFT purchase on Discord. He provided screenshots from internal Discord servers, indicating that Blue was instructing others in his scamming techniques.
Unveiling the Crypto Sleuth
The crypto sleuth, who prefers to remain anonymous, has spent months meticulously putting the pieces of the elaborate scam together. Led by ‘Blue,’ a YouTuber with a significant following and a reputation for giving investing advice, they traced a trail of digital breadcrumbs using their technical expertise and in-depth understanding of the cryptocurrency market.
The Scheme Unveiled
The cryptocurrency sleuth’s findings claim that ‘Blue’ allegedly promoted a cryptocurrency project that turned out to be a well-planned scam. The crypto community watched and shared the YouTuber’s videos, which promoted the project as a ground-breaking investment opportunity and promised astronomical returns quickly. The claims made by ‘Blue’ appeared too good to be true, and it turns out that they were.
Manipulating Trust
The crypto sleuth’s investigation uncovered evidence suggesting that ‘Blue’ may have manipulated their followers’ trust for personal gain. Through carefully crafted videos, ‘Blue’ not only endorsed the fraudulent project but also shared personalized referral links, earning a commission for each person they managed to bring into the scam. This deceptive practice is known as affiliate marketing, but in this case, it allegedly crossed ethical boundaries and veered into fraudulent territory.
Social Media Influence
‘Blue’ has a significant following on several social media sites as a well-known figure in the cryptocurrency space. They had an impact on cryptocurrency enthusiasts looking for advice on prospective investment opportunities through their captivating demeanour and seemingly authoritative experience. Many people trusted ‘Blue’ and followed their suggestions, unknowingly falling into a trap that would cost them dearly.
Legal Implications
Legal experts are analysing the potential ramifications for “Blue” as word of the alleged scam spreads. If found guilty, the YouTuber might be charged with fraud, conspiracy, and using deceptive trade practices, among other serious legal consequences. Affected parties might also file civil litigation to recoup any losses, which would add to ‘Blue’s’ possible legal woes.
The Devastating Impact
Many of the victims are in dire financial straits as a result of the alleged scam’s aftereffects. People are reporting investing their entire life savings or taking out large loans in the hopes of profiting from the guaranteed investment returns. But as the facts came to light, they understood they had been emerging by a cunning swindle. These people have suffered a tremendous emotional and financial toll since their hopes for a brighter future have been shattered.