XRP Crypto Scam Prevented as YouTube Assists in Recovering Hacked Channel

YouTube has intervened to prevent an XRP cryptocurrency scam from being promoted on the hacked popular YouTube channel DidYouKnowGaming. 

Last week, the team behind DidYouKnowGaming warned on Twitter that they have lost access to their YouTube channel, which has 2.4 million subscribers, after their Google account was hacked. 

YouTube was quick to act, asking the YouTuber for certain information in a bid to help them regain access to their account.

“We’ll need to get some quick info from you & then we’ll connect you w/ a specialist team who helps restore account access,” the official Twitter account of YouTube said in response to DidYouKnowGaming.

so sorry you're having to deal with this! first, we'll need to get some quick info from you & then we'll connect you w/ a specialist team who helps restore account access. follow us & we'll be able to DM you the info you need!

— TeamYouTube (@TeamYouTube) April 28, 2023

The DidYouKnowGaming channel was accessed by a hacker who changed its profile image to the logo of the XRP cryptocurrency and intended to promote a scam related to the token. 

The recent incident comes as the number of creators falling victim to such hacks has increased in recent times, with even larger channels such as Linus Tech Tips reporting similar problems. 

The risk posed by such hacks has further increased recently with the rise in deepfakes, which are generated by AI tools to create fake impersonation videos of well-known public figures that can mislead investors. 

For instance, Chinese tech giant Tencent has recently launched a deep-fake tool that allows anyone to impersonate someone else for 1,000 yuan ($145).

Investors in cryptocurrency frequently use YouTube to learn more about Web3, blockchain, and cryptocurrencies. There are many channels and resources available on the platform to help investors and enthusiasts access quality information on these topics. 

Over $100M Lost to Crypto Hacks and Scams in April

The recent attempt to hack a popular YouTube channel and promote a crypto scam comes as April was marred by a series of crypto scams, hacks, and exploits that saw over $103 million of funds stolen from unsuspecting investors and projects. 

Some of the more notable hacks in the month include the loss of $25.4 million due to the exploit of MEV trading bots, $22 million stolen in a hot wallet exploit from Bitrue exchange, and the hack of South Korean GDAC exchange leading to a loss of $13 million, according to a report by crypto security and auditing company Certik.

Furthermore, around $74.5 million was lost to crypto and DeFi exploits in April, making up half of the total $145 million exploited in the first four months of the year. 

There was also a loss of around $20 million to flash loan attacks largely led by Yearn Finance, which occurred after a hacker exploited an old smart contract on April 13. 

CertiK reported that total funds lost to exit scams reached $9.4 million in the month, with the top exit scam for the month being Merlin DEX, which lost $2.7 million.