Deepfake Scams Plague Social Media Platform X, Posing Threat to Crypto Industry

According to Blockworks, social media platform X, formerly known as Twitter, is facing a deepfake problem that could potentially harm the cryptocurrency industry. Scammers are using AI-generated voice recordings and lip animations to create fake videos featuring prominent figures in the crypto world, such as Michael Saylor, Brad Garlinghouse, and Anatoly Yakovenko. These videos promote fake crypto airdrops and encourage users to scan QR codes or follow links to receive money, putting their digital assets and personal information at risk. The fact that these posts are often tagged as advertisements adds a veneer of legitimacy, making the situation even more concerning. X has not made any visible effort to address the issue, despite owner Elon Musk's previous pledge to solve the spam bot problem. The platform has long served as a central hub for inter-industry relations, but the growing prevalence of deepfake scams threatens its reputation. Recent developments in AI-generated video tools, such as OpenAI's text-to-video product, could potentially make deepfake scams even more sophisticated and widespread. The crypto industry should take a proactive approach to addressing this issue, possibly by exploring alternative social media platforms or pushing for a response from X and Musk.