Hackers take over YouTube channels to broadcast cryptocurrency scams
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Answer Hackers take over YouTube channels to broadcast cryptocurrency scams
According to the Google Threat Analysis Group, a group of hackers took over popular YouTube channels, and re-categorized them and renamed them as if they were a brand of crypto companies or well-known technology companies.
According for analysis Posted by google:
Channel name, profile picture, and content have been replaced with a cryptocurrency brand to impersonate big tech companies or cryptocurrency exchanges.
The same analysis stated that the hackers broadcast videos promising to receive cryptocurrencies in exchange for initial contributions.
According to Google, if these scammers don’t implement the rebranding strategy, they sell the channel to the highest bidder, depending on the number of subscribers to the channel. The secondary market offers for these channels anywhere from $3 to $4,000 per channel.Read:Bobby Lee launches a new cryptocurrency wallet
The actors behind this campaign, which we attribute to a group of hackers recruited into a Russian-speaking forum, lure their target with fake cooperation opportunities.
YouTube and Crypto Market:
This is not the first time that bad actors have attempted to organize a cryptocurrency scam on YouTube.
In December last year, cryptocurrency exchange Gemini exposed two fake YouTube channels that were pretending to be affiliated with the same Gemini company.
Gemini explained in the statement:
These fraud accounts are not our company.
We have reported these accounts to YouTube.
This isn’t the first time Gemini has faced the problem of social media account spoofing.
In July 2020, Gemini sent out another scam alert, stating that the company was getting direct messages about fake Gemini profiles on various social media platforms.
YouTube has a long history of blocking crypto-related content.
The UK’s financial services regulator, the Financial Conduct Authority (FCA), recently launched a campaign on YouTube and TikTok warning young investors about the dangers of cryptocurrencies.Read:Cryptocurrency exchange CoinEx is growing rapidly in the MENA region
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