Hackers Target Bitcoin YouTube Bloggers
As cryptocurrencies become more popular, the number of YouTube video blogs dedicated to the topic is also on the rise. According to The Verge, 122,000 new Bitcoin-related videos have appeared on YouTube in the past 90 days, amassing 328 million views.
While these crypto-focused video blogs are undoubtedly beneficial for their creators, they also make them attractive targets for hackers. YouTubers often share too much personal information, which can be valuable to cybercriminals. For example, they post screenshots of their trading transactions, where usernames, cryptocurrency wallet addresses, and the names of the apps they use are clearly visible. Sometimes, YouTubers even tell their viewers what security systems they use to protect their assets, making hackers’ jobs easier.
One recent victim of cybercriminals was Ian Balina, a former IBM employee and now a successful Bitcoin trader known as a “crypto millionaire.” During a live stream on his YouTube channel last Sunday, Balina was unable to log into his Google Sheets account, where he tracked initial coin offerings (ICOs). It turned out that his accounts had been hacked by an unknown attacker, who stole a significant portion of his savings—about $2 million in cryptocurrency.
“With things like YouTube, you have to be extremely careful. When I first started on YouTube, I showed my trades. Later, I realized that wasn’t the best idea,” said Peter Saddington, creator of the YouTube channel Decentralized TV.
Saddington is known for buying a Lamborghini with his Bitcoin earnings. In 2017, hackers broke into his wallet. The attackers took over his phone number—most likely through social engineering by contacting telecom company employees—and gained control of much of his online identity. “It completely changed my life. I lost everything. I lost 13 years of emails,” Saddington admitted.
Saddington blames only himself for what happened. After the hack, he reconsidered his approach to operational security. He contacted his mobile provider and requested that no changes be made to his account unless he appeared in person with identification. He stopped using email and social media on his smartphone and now stores his Bitcoins in a place that’s difficult even for him to access.
Because of his popularity, Saddington is constantly targeted by hackers. Criminals try to change his passwords and “hack the Wi-Fi, printer, etc.”
“YouTubers have to learn from their own mistakes. We don’t have a bank account where we can complain and say, ‘Hey, bank, my money was stolen, give it back.’ No. We’re no longer part of that economy. If you lose your Bitcoins, it’s one hundred percent your fault,” Saddington noted.