Hackers and scammers have shifted their focus to social media platforms like YouTube and X (formerly Twitter) to carry out fraudulent activities in the cryptocurrency space. A recent example is the hacking of the Supreme Court of India’s YouTube channel, which was used to promote a fake XRP investment scheme through a fraudulent livestream.
This incident highlights the growing number of cyberattacks targeting prominent social media accounts to exploit the rising popularity of cryptocurrencies.
On September 20, 2023, hackers took control of the Supreme Court of India’s YouTube channel, which had more than 217,000 followers. The attackers rebranded the channel, removed all previous videos, and promoted a false XRP investment opportunity.
The scam featured a fake live stream with Ripple Labs CEO Brad Garlinghouse and promised exaggerated returns to attract potential victims. The hackers also embedded phishing links in the video, encouraging viewers to connect their crypto wallets, which would allow the attackers to access their funds.
Cybercriminals Exploit YouTube and X Accounts to Push Fake Cryptocurrency Scams
YouTube quickly intervened by removing the compromised channel for violating its Community Guidelines. This is not the first instance of such an attack. In April 2023, hackers took control of the YouTube account of DidYouKnowGaming, a popular gaming project, and used it to promote a similar crypto scam.
The account was later recovered, along with its deleted content. A similar incident occurred in July 2023 when the YouTube account of the band Ben&Ben was hacked and used to advertise a fake XRP scheme. While the band managed to regain control of the account, only some of its original content was restored.
Hackers have also targeted X accounts. In September 2024, the X account of Decentraland, a virtual reality platform, was compromised. Scammers posted phishing links disguised as fake MANA token airdrops, urging users to connect their wallets.
The hackers also disabled comments to prevent detection and criticism. These attacks on X accounts follow the same pattern as the YouTube scams, aiming to trick users into giving up access to their cryptocurrency wallets.
As these types of hacks on social media platforms become more frequent, it is crucial for crypto users to remain cautious. Scammers often entice victims with promises of high returns through fake investment opportunities. Users should be vigilant, verifying the legitimacy of such offers, and avoiding any links or requests that ask for access to their crypto wallets. Awareness and skepticism are key to avoiding these increasingly sophisticated scams.
