- IOG warned Cardano users to avoid its compromised YouTube channel after a fake crypto giveaway was broadcast.
- The scam used a fake Hoskinson video and QR code to direct viewers toward a fraudulent payment process.
Cardano users have been warned to stay away from Input Output Group’s (IOG) YouTube channel after the account was apparently compromised and used to broadcast a fake cryptocurrency giveaway featuring Cardano founder Charles Hoskinson.
IOG issued a warning on Sep. 18 asking users to avoid interacting with the channel until further notice. The company told users not to click links, send funds or share personal information through content appearing on the account.
Hoskinson also said in an X (formerly Twitter) post that the “IOG YouTube apparently has been compromised. Do not trust any videos or click on any links on it.” He added that the team was working with YouTube to remove the content and reset the account credentials.
The compromised channel reportedly streamed what appeared to be a Project Catalyst town hall featuring a suspected AI-manipulated video of Hoskinson. The broadcast promoted a cryptocurrency giveaway that claimed viewers could double their holdings. A QR code was displayed during the stream, directing viewers toward the fraudulent payment process. No official Cardano or IOG source authorized the giveaway.
The incident follows a scam format that Cardano users have been warned about for years. Cardano’s official security guidance specifically cautions against fake Hoskinson livestreams and offers promising to return more ADA than users send. The guidance makes clear that legitimate giveaways do not require users to send cryptocurrency first.
Cardano Price Moves Higher as Scam Hits IOG Channel
The security incident comes as ADA is also seeing a notable move in the broader crypto market. Cardano was trading around $0.2164 on Sep. 18, according to market data, after closing at about $0.2025 on Sep. 17. Investing.com data showed ADA up more than 9% on the day, with an intraday high of roughly $0.2173.
CoinGecko’s historical data puts ADA’s market capitalization at about $8.1 billion, while trading volume recorded for the day had already reached more than $558 million. ADA had closed at $0.1954 on Sep. 15 before recovering over the following sessions.
There is currently no evidence from the reports reviewed that the Cardano blockchain itself was compromised. The incident concerns the apparent takeover of IOG’s YouTube channel and the fraudulent material posted through it. IOG has also not publicly disclosed how the channel was accessed, whether other systems were affected or whether any user funds were successfully transferred to the scammers.
For users who encountered the livestream, the main risk is interaction with the scam rather than simply watching the video. Cardano’s security guidance warns that cryptocurrency transactions sent to fraudulent addresses generally cannot be reversed, making requests to “send ADA first” a key warning sign.
Highlighted Crypto News:
Be the first to comment