The information was shared by a journalist, George Geddes, who shared a screenshot of the hacked channel. Scammers spared no time and begun promoting crypto scams on the hacked channel.
The VALORANT Esports YouTube account has been hacked, all the videos deleted and it’s currently streaming a crypto scam… pic.twitter.com/E6VKLA7QEu
— George Geddes (@GeorgeCGed) November 7, 2022
Moreover, scammers deleted all videos from the channel and renamed it “ARK Invest CEO [LIVE].” The tweet shared by Geddes shows a fake video stream of Elon Musk taken from his July meeting with the ARK Invest team.
Crypto scammers have been frequently targeting verified accounts and channels to lure investors into their trust and promote scams. Elon Musk is also a renowned figure in the crypto realm. At the time of writing, it seems like the team has regained control of the channel. The deleted videos are also back.
As cryptocurrency became more widely used, illegal activity in the industry also grew. However, according to Chainalysis’ data, the amount of cash made from scams in 2022 compared to the end of July 2021 has decreased by 65%. Data from the analysis company shows that there is currently $1.6 billion in revenue from scams.
The fall in scam profits can be attributed to the fall in crypto prices. The crypto market is not in its best shape, as most of the top coins are trading 60–80% below their all-time highs. The market, which recently showed a bullish stance, has fallen back and is trading in the red.
