Read exclusive reviews unavailable elsewhere about Twitchgive Scam to know how the platform was used for money laundering.
Did you know that Twitch was launched in 2011? Did you know Twitch has a huge share of income from subscriptions as in 2020, it had 15 million viewers daily, more than 3 million broadcasters and more than 27K partnered channels?
Note: we do not support/oppose, promote/demote any live streaming platform. Below information is obtained from various sources on the internet and presented for informative purpose only.
Let’s check how huge viewership contributed to Twitchgive Scam in the United States.
Plotting Twitch Scam:
Twitch is a live streaming platform that telecasts live gaming and music. The Twitch scam originated with the demand of broadcasters to pay more. Currently, Twitch takes 50% of the money received from subscriptions and pays the broadcasters the remaining 50%. For example, if a viewer subscribes to a channel for $5 per month, $2.50 is paid to the broadcaster, and Twitch keeps $2.50.
The loopholes in this system were used by Scammers who plotted money laundering via Twitch. The scammers created more than 9 million Twitchgive Scam channels.
Several popular broadcasters started demanding more payments stating that 50% Twitch share is crazy. However, no changes were made as one Twitch employee revealed that a channel with more than 5K subscribers still requires the videos to be streamed in 1080P. Due to huge viewership, it was not economical for Twitch to cover the cost of such a broadcast.
Such fake channels did not aim at getting more paid subscribers. Instead, the scammers used stolen credit cards to donate Bits to their own channels. Bits is the native currency of Twitch that can be purchased with real money, using credit cards and other modes of payments.
How Twitchgive Scam work?
The Bits were treated as earnings of the broadcasters, and they were, in turn, paid real money in the name of earnings by their channels. So, scammers who had stolen the credit card details of innocent people did not directly make any purchases or withdraw money. Instead, they used the Twitch platform to pay them indirectly.
Another Scam was also determined while searching for scammers. The broadcasters, which included live gaming, purchased a huge amount of in-game items and native currency like gems, etc., and offered to sell them to their viewers at low cost resulting in Twitchgive Scam. The in-game items purchased in bulk were split and distributed among the viewers who wanted them in limited amounts.
It is another form of money laundering that is difficult to be traced.
Conclusion:
Cases came into focus as some broadcasters earned more than $1,800 per day but only had 40 to 50 viewers. In October 2021, hackers gained access to payment data of Twitch. After analyzing the payment trends, it was anticipated that over $10 million were taken collectively by such scammers. It suggested that Twitch had thousands of such Scamming channels.
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