Elon Musk Bitcoin Scam Resurfaces on Hacked Esports YouTube Channel
A familiar scam exploiting Elon Musk's image has resurfaced, this time targeting a prominent esports platform. The YouTube channel of a well-known esports tournament series platform, the Valorant Champions Tour, succumbed to a hack. After gaining access to the channel, cybercriminals used it to promote a fake Bitcoin investment scheme featuring deepfake videos of Elon Musk.
Deepfake videos of Musk promoting scam tokens, fake airdrops, and false crypto schemes are reportedly spreading throughout web applications, and this YouTube hack is just the latest example. Our researchers have spotted dozens of hijacked YouTube channels that, since July 16, have been serving deep fake live streams of Elon. Over 35 YouTube channels streamed content where an AI-generated voice resembling Musk promised to double the cryptocurrency deposits of viewers participating.
How the Scam Works
The criminals typically use deepfake technology to create videos that appear to show Elon Musk endorsing a specific cryptocurrency or investment platform. The videos often promise unrealistic returns, such as doubling or tripling your investment. The account, @elon.teslastream, had an Official Artist Channel verification badge, suggesting this was an account hack. The hackers then direct viewers to send their Bitcoin or other cryptocurrencies to a specific wallet address.
In this specific instance, cybercriminals managed to hack the YouTube channel of The Seven Network (popularly known as Channel Seven) on Thursday, and then exploited the Valorant Champions Tour’s official YouTube channel. The fake Elon Musk Bitcoin scam then played out to unsuspecting viewers of the channel. Google removed the video and the channel after the fraudulent activity was detected, but the damage may already be done.
It is crucial to be wary of any online offers that seem too good to be true, especially those involving cryptocurrency and endorsements from public figures like Elon Musk. Always conduct thorough research before investing in any cryptocurrency and be skeptical of any promises of guaranteed returns. Remember, if it sounds too good to be true, it probably is.