In a shocking turn of events, crypto-criminals recently hijacked Australia’s 7News YouTube channel to promote a digital currency scam featuring Tesla CEO Elon Musk. The hackers went as far as to rebrand the channel to represent Tesla, even obtaining the 7news verification badge. In a live stream that featured an AI-generated version of Musk, viewers were urged to scan a QR code displayed on the screen. Upon scanning, users were redirected to a website controlled by the criminals, where their cryptocurrency wallets were at risk.
The AI-altered video, which featured Musk endorsing the scam, claimed that crypto enthusiasts could double their assets by participating. The live chatbox on the hijacked channel even featured a comment stating that crypto investors had sent over $5,000,000. At one point, the channel ran three simultaneous live streams, each with over 50,000 average viewers. The 7news channel, with a massive 1.71 million subscribers, saw its live streams ultimately taken down, with broken links available to visitors. In a concerning development, a smaller YouTube channel with just over 2,400 subscribers was also hijacked during the incident, attracting over 45,000 live viewers.
With hackers targeting other channels operated by 7news, such as 7news Spotlight and the old Today Tonight channel, all content from these channels has since been deleted. While the publisher stated awareness of the incident and collaboration with YouTube to address it, it remains to be seen how the hackers managed to compromise the channels in the first place. This event is just one of many instances in which Elon Musk’s prominent persona has been exploited by fraudsters to target cryptocurrency users. Previous incidents involved AI-altered versions of Musk promoting scams to dupe unsuspecting victims.
Scammers have shown a tendency to use Musk’s identity to lend credibility to their schemes, as evidenced by the recent 7news channel hijacking and previous SpaceX-related scams on YouTube. In April, a wave of scams impersonating Musk’s space exploration venture, SpaceX, flooded the platform. Not limited to Musk, scammers have also used his persona to promote dubious cryptocurrency exchanges, with Hong Kong’s authorities issuing warnings to investors. This trend underscores the challenges faced by both platforms like YouTube and high-profile individuals like Musk in combating the proliferation of cryptocurrency scams.
In light of these ongoing security threats, it is crucial for individuals involved in cryptocurrency trading to exercise caution and vigilance when encountering promotional materials featuring well-known figures like Elon Musk. As the popularity and value of cryptocurrencies continue to rise, so does the risk posed by scammers looking to exploit unsuspecting investors. By remaining informed about common scam tactics and staying abreast of warnings issued by regulatory authorities, traders can better protect themselves from falling victim to fraudulent schemes. Ultimately, the responsibility lies with both platform operators and users to collectively work towards creating a safer online environment for all participants in the cryptocurrency ecosystem.