I'm glad you guys agree on the cringe
Now, as for towel. I assume he only did this as a troll. He stole the channel, uploaded a few videos, acting really cheeky all the while, but he never did any real harm. He even said he'd give it back if joel dm'd him (which where the forget is joel anyway), whether or not he was serious I don't know or care. The only people who actually did anything to the channel were the people who panicked and reported joel's channel and unsubbed and whatnot. If anything it's a warning to youtube and twitch (KY's twitch got hacked too) that their security is loving stuff.
All in all, if somebody wants to take your stuff, and it's on the internet, they're taking it, and there's nothing you can do about it.