Istanbul-based police cybercrime units arrest 18 suspects in a round of raids in connection with a Twitch money laundering scam.
popular streaming site Twitch He hasn’t been having his best time lately. Despite being one of the largest streaming sites in the world, the Amazon-owned platform has been embroiled in various controversies, including its content policies, accusations of double standards, and its handling of streaming-related issues. fraud. Incidentally, a recent investigation now adds to Twitch’s woes, as a group of streamers on the platform were found to be involved in a money laundering scam.
While it’s true that streaming platforms have seen declining growth since last year, Twitch, in particular, has seen a noticeable decline of late. A big reason for this is due to the platform’s handling of a number of issues ranging from compensation issues to how it treats streamers. The situation was so problematic that several major exits from Twitch began in late 2021, prompting the company to make changes, including a notable shift in its monetization approach. Now, the news of a police raid related to a money laundering scam on Twitch highlights one of the most problematic areas of the platform.
On May 17, Istanbul-based police cybercrime units carried out a wave of raids and arrested 18 suspects allegedly connected to a Turkish money laundering scheme on Twitch. The suspects are accused of collaborating with Twitch streamers with a large following, where they would back the streamers with money from stolen credit and debit cards via Titwitch’s virtual currency called bits. Once they are sent, the suspects would receive the cash in exchange for the streamers.
Details of this scam first came to light in 2021, when the entire source code for Twitch was dumped online, which also included the streamer’s payment details. The leak revealed that certain streamers were earning much more than they normally would compared to the number of viewers. Since then, users have been asking the Amazon company to take better measures to prevent this type of fraud from happening on the platform. So far, Twitch has reportedly taken action against 150 streamers for abusing its monetization tools, which has amounted to $9.8 million in laundered money.
This is not the first time that the Turkish authorities have carried out operations related to the scam. In January, Turkish authorities arrested 40 suspects in 11 provinces suspected of being related to the incident. While it is unclear how far this fraud extends, the new wave of raids brings the total to 58 arrests, along with another suspect still wanted by police. Time will tell how Twitch responds to the situation amid a host of other issues on the streaming giant’s platform.
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Source: DAILY SABAH
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