Double Trouble: Crypto Scams Hit Metallica’s X And Hijack Australian News YouTube

June 27, 2024
Double Trouble: Crypto Scams Hit Metallica's X And Hijack Australian News YouTube

In a series of brazen cyberattacks, hackers recently targeted two prominent platforms: heavy metal band Metallica’s official X (formerly Twitter) account, and Australian broadcaster 7News’ YouTube channel. In both cases, after taking over the accounts the hackers pushed elaborate scams designed to lure unsuspecting victims into fraudulent cryptocurrency schemes.

On Wednesday, Metallica’s verified X account was compromised and utilized to promote a fictitious Solana token dubbed METAL, falsely claiming a partnership with Ticketmaster.  The band’s team promptly regained control and deleted the misleading posts, but the incident exposed the vulnerability of even verified social media accounts to exploitation by scammers.

The scammers’ tactics extended beyond the initial hack, as they falsely implicated fintech firm MoonPay in the scheme. MoonPay’s president swiftly refuted these claims and issued a warning to users about the scam. Despite this, the perpetrators continued their deceptive campaign, flooding the compromised account with enticing but fabricated promises of exclusive rewards for METAL token holders, including concert tickets, merchandize, and staking rewards.

On Thursday, hackers also targeted 7News’ YouTube channel, which boasts 1.71 million subscribers.  They rebranded the channel as Tesla and live-streamed a deepfake video featuring an AI-generated Elon Musk promoting a “double-your-money” cryptocurrency scam. The two fraudulent live streams collectively garnered 105,000 views before being removed, although they were later re-uploaded. Seven, 7News’ parent company confirmed the attack and shared the steps it was taking to resolve the situation..

“Seven is investigating and working with YouTube to resolve the situation as soon as possible,” the spokesman said

It was not clear if the two breaches were carried out by the same group of hackers.

It is worth noting that some of the most significant hijacked accounts have millions of subscribers, with the largest having around 12.5 million subscribers and nearly 3.87 billion total views. In total, scammers have hijacked channels with a combined subscriber count of over 62.9 million and over 17.4 billion total views as of earlier this year. The estimated financial impact of these scams is over $600,000​ .

These audacious attacks underscore the escalating threat of crypto scams, which capitalize on the decentralized nature of cryptocurrencies and the perceived anonymity of blockchain technology to operate with relative impunity. The allure of quick profits, coupled with the complexity of the crypto landscape, often makes individuals susceptible to falling prey to these schemes.

To counter this growing threat, robust security practices and heightened vigilance are paramount.  Individuals are advised to verify information from multiple reputable sources, scrutinize unsolicited offers, and exercise skepticism toward promises that seem too good to be true.  Strong, unique passwords, two-factor authentication, and up-to-date security software are essential for protecting online accounts.

As the crypto landscape continues to evolve, ongoing education and awareness are crucial for navigating this complex terrain safely. By staying informed and adopting proactive security measures, individuals can effectively mitigate the risk of falling victim to these malicious schemes and foster a more secure online environment for all.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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