According to a new report by Google, hackers are hijacking YouTube channels to promote crypto scams.
The Google Threat Analysis Group reports that bad actors are using Russian-speaking online forums to lure victims and gain access to their YouTube channels.
“The actors behind this campaign, which we attribute to a group of hackers recruited in a Russian-speaking forum, lure their target with fake collaboration opportunities (typically a demo for anti-virus software, VPN, music players, photo editing or online games), hijack their channel, then either sell it to the highest bidder or use it to broadcast cryptocurrency scams.”
As per the report, scammers access YouTube accounts and then modify them to appear legitimate by imitating well-known businesses in the crypto industry. The fraudsters then livestream videos that advertise cryptocurrency giveaways.
“A large number of hijacked channels were rebranded for cryptocurrency scam live-streaming. The channel name, profile picture and content were all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms.
The attacker live-streamed videos promising cryptocurrency giveaways in exchange for an initial contribution.”
According to Google, YouTube has detected and recovered 99% of stolen channels thus far.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
