India was recently shaken by the recent hack of popular Indian YouTuber Ajey Nagar’s second channel, with 6.7 million subscribers. Dubbed CarryisLive, Nagar streams video games, sometimes with other YouTuber and Celebrities, with as much as 50,000 people sometimes watching his live streams.
Late in the night on July 25, Nagar’s channel was compromised and hackers took control of his channel and streamed Two Bitcoin giveaway scam promotional videos.
One of the videos even featured the image of SpaceX and Tesla CEO Elon Musk supposedly giving away Bitcoin, while the other featured Ethereum co-founder Vitalik Buterin in a similar. Streaming these old videos on Nagar’s channel, the scammers promised to double the Bitcoin sent to them.
Moments after the hack, Nagar fans slammed YouTube for its poor security measures as jokes started flowing in, and #CarryMinati started dominating social media trends.
As usual, a part of the YouTuber’s fanbase even started pointing fingers at Bitcoin. One even called India a “bitcoin-less” country.
This goes to show how some people blindly criticize anything they have no information about. Nagar himself posted some Instagram stories, asking his fans if anyone has actually heard about Bitcoin in India.
The tech shouldn’t be blamed
On this matter, Nishcal Shetty, CEO of Binance backed Indian crypto exchange WazirX, expressed his views regarding the recent Twitter and YouTube attacks, stating that the technology shouldn’t be blamed. Shetty told The Daily Chain:
“The recent Twitter and YouTube hacks expose the vulnerability of these platforms. Bitcoin wasn’t hacked here. Moreover, any currency can be used for scam.”
Bitcoin and most major cryptocurrencies have always been considered fishy and controversial since modern-day media often associate cryptocurrencies with criminal activities.
This has led to the belief that cryptocurrencies were somehow a part of this; that Bitcoin was hacked, or the scam came from Bitcoin.
“The argument of blaming Bitcoin is flawed because all transactions are publicly available on the blockchain. Now, everyone in the world knows the wallet address of the hackers.”
Shetty praised the fact that several Indian exchanges came together to blacklist the addresses of the hacker.
“The community has united to block the address of the bad actors. If they move the BTC from one wallet to another, everyone would know. Moreover, as soon as they try to cash out of it, they are going to be in big trouble,” he concludes.
However, as a silver lining of the cloud, searches for the term “Bitcoin” especially, has been spiking to new highs as thousands of Indians were curious about what cryptocurrencies were. Indian exchanges also saw growth in trading volume as new traders flocked in.
Even though the majority of Indians are still unaware of what cryptocurrencies are, the crypto industry in the nation has continued to experience a spree of developments ever since the ban was lifted.
The nation’s prime minister Narendra Modi was also seen endorsing blockchain tech as an ‘opportunity in frontier technology’, renewing hopes that the country is warming to cryptocurrencies.
In a keynote address at the India Ideas Summit, Modi endorsed blockchain as an investment opportunity.