In one of the most recent crypto scam attacks, the official YouTube channel for the Valorant Champions Tour is compromised. Scammers have taken control of the channel, which has over 597k subscribers, and are promoting cryptocurrency fraud.
The channel was renamed “ARK Invest CEO [LIVE]” by scammers after all of the videos were removed. In the tweet that Geddes posted, Elon Musk is depicted in a phony video stream that was taken during his July meeting with the ARK Invest team.
Valorant regains the account from crypto hackers
Targeting verified accounts and channels is a common tactic used by cryptocurrency scammers to gain the trust of investors and spread their scams. Elon Musk is a well-known name in the cryptocurrency industry. As of the writing of this article, it appears that the team has taken back control of the channel. The deleted videos have also been restored.
As the use of cryptocurrencies increased, so did the amount of illegal activity. However, based on data from Chainalysis, less money was made through scams in 2022 than it was at the end of July 2021. According to data from the analysis firm, scams currently generate $1.6 billion in revenue.
The decline in cryptocurrency prices is to blame for the decline in scam profits. The majority of the top coins are trading 60–80% below their all-time highs, which indicates that the cryptocurrency market is not in the best of health.
While scam revenue is declining in 2022, theft and hacking are not experiencing a decline. The report from Chainalysis states that from $1.2 billion in 2021 to $1.9 billion in 2022, revenue from hacks and theft has increased. For both situations, the amount is valid through July. The report emphasizes that it is unlikely that this trend will change anytime soon.
Additionally, while scams can be thwarted through the dissemination of information and education, hacks necessitate businesses to enhance their security and conduct regular audits. Regular audits are expensive for many young and developing businesses, so they skip this step, opening the door to potential exploits.