Malicious Actors Impersonate Gemini Crypto Exchange On Youtube

Malicious Actors Impersonate Gemini Crypto Exchange On Youtube

In a new report received from Twitter, popular crypto exchange Gemini exposed two fake Youtube channels impersonating the firm. The hacker/hackers used two separate YouTube accounts to appear like they were associated with the crypto exchange. The hacker’s account was branded with Gemini’s name and their logo. There is no room for impersonation on YouTube as with many social media platforms, and the issues continue to be a source of concern for individuals and businesses who have been victims of impersonations.

The firm was not pleased with the update and posted on their Twitter page that the scam accounts are not theirs. It further confirmed that the accounts have been reported to YouTube and expect YouTube to take immediate action. In the viral tweet posted, the crypto exchange also posted a link that contains all of its verified social media handles. It further warned its customers to desist from interactions not involving their verified pages on social media.

CO-founders already asked YouTube to take down an account

In October this year, the crypto exchange’s co-founders and brothers, Tyler and Cameron Winklevoss had sent a report to Youtube to take down a fake account posing to be affiliated with the company. Twitter user Anndy Lian in a tweet that went viral said: “Come on YouTube, please get rid of this (sic) fake LIVE videos, 105,000 watching, 2800 likes. I am sure Tyler Winklevoss, Cameron Winklevoss, Gemini are not and will not run such schemes”. Gemini is not new to the scam alerts, as the company confirmed in July via Twitter that its customers were getting messages from fake Gemini accounts online.

The cryptocurrency space is not new to the hacking of its platform, as this has become a normal trend for the Blockchain community. In a news report that circulated in April 2020, David Schwartz, Ripple CTO was banned from YouTube just a week after Ripple sued YouTube over fake accounts. David claimed that he was kicked off for impersonating an account he had no idea of. He was bemused that YouTube closed down his account on impersonation grounds despite having no idea whom he was impersonating, something Schwartz and his Twitter followers found strange.

Crypto exchanges advice their clients to be wary of fake handles on social media

Gemini is not the only crypto exchange to fall in the bait of the hackers, and this will continue to happen, at least for the time being. Blockchain companies must implement strong privacy protection channels on their platform to improve the security of their clients. Blockchain companies should also like Gemini, remind their clients frequently of their verified pages via social media. They should also interact with them frequently by posting relatable contents.

Gemini, launched in 2015 in the United States by the Winklevoss twins, Cameron and Tyler is a private, licensed digital asset exchange that also offers custodian services for digital holdings. It has now expanded its operations to Europe and Asia.

David Pražák