YouTube continues to face a surge in channel hacks, as crypto scammers exploit the platform to promote XRP and other cryptocurrency scams. Recently, popular YouTuber DidYouKnowGaming became the latest victim of such a hack. After regaining access to his channel, he warned his Twitter followers about the attack.
The hackers changed DidYouKnowGaming’s profile and cover images to Ripple’s logo, in an attempt to promote XRP scams to his 2.4 million subscribers. However, YouTube’s quick intervention prevented the hackers from interacting with the channel’s subscribers.
The threat to crypto investors from such hacks is on the rise, as deepfakes become more sophisticated. Hackers use deepfakes to impersonate entrepreneurs like Elon Musk, Jack Dorsey, and Cathie Wood to mislead crypto investors.
In July 2022, the British military’s Twitter and YouTube accounts were hacked, with the hacker using the opportunity to promote non-fungible token (NFT) scams. The British military’s Twitter account with 363K followers retweeted various posts advertising NFT scams before being taken down by Twitter. Meanwhile, their YouTube account, which had over 177K subscribers, was renamed “Ark Invest,” and the hacker uploaded four live videos promoting crypto giveaway scams.
The videos featured deepfake images of prominent figures in the crypto space, including Tesla CEO Elon Musk, previous Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood. The hacker promised to double the amount of cryptocurrency sent to their wallet for every Bitcoin or Ether received, a classic giveaway scam that has tricked many unwary investors in the past. Unfortunately, some victims realized too late that they had sent their crypto directly to the scammer’s wallet.
The threat of giveaway scams has become increasingly prominent in the crypto space, with hackers often impersonating celebrities or other known figures to lure investors into sending them their hard-earned cryptocurrency. In May 2022, a US Federal Trade Commission (FTC) analyst warned about “giveaway scams” that appear to be sponsored by celebrities or other known figures in the crypto space, promising to immediately multiply the cryptocurrency sent.
The US Federal Trade Commission (FTC) warns about such scams, which promise to multiply cryptocurrency immediately. According to the FTC, over $1 billion in cryptocurrency was lost by more than 46,000 people since last year.
The rise of scams also highlights the need for stricter regulations in the crypto sector. Governments around the world are exploring ways to regulate cryptocurrencies, and many have introduced laws to combat fraud and protect investors. However, experts suggest that more needs to be done to ensure the safety of investors in the metaverse.