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. A journalist named George Geddes shared the information after posting a screenshot of the hacked channel. Scammers wasted no time in starting to advertise cryptocurrency scams on the hacked channel. 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. 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.
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