Beware of Using Elon Musk to Promote Cryptocurrency Scams

A deepfake video featuring Tesla and SpaceX CEO Elon Musk promoting a cryptocurrency scam has surfaced on YouTube, prompting surprise and concern from both the public and Musk himself.

On Sunday, an X user named DogeDesigner shared a clip from the deepfake video. The video, deceptively titled "Tesla's unveils a masterpiece: The Tesla that will change the car industry forever," abruptly cuts to a fake Musk encouraging viewers to deposit their cryptocurrency holdings. The fake Musk directs viewers to scan a QR code leading to a giveaway site, promising double the amount of Bitcoin, Ethereum, or Dogecoin deposited.

Elon Musk expressed surprise at the developments.

This incident comes shortly after another deepfake video featuring Musk from a TED Talk with Chris Anderson in Vancouver was circulated. Additionally, last month, the Hong Kong Securities regulator warned about a fraudulent cryptocurrency trading platform, "Quantum AI," which also used deepfakes of Musk to scam victims.

Upon seeing the video, Musk expressed his shock, stating, "Yikes. Def not me." The video, still available on YouTube, closely mimics Tesla's official channel, adding to the deception.

Musk has long been vocal about the issue of cryptocurrency spambots on social media, vowing to "defeat the spam bots or die trying!"

The appearance of this deepfake video underscores the growing sophistication of scams in the cryptocurrency space and highlights the need for increased vigilance and improved security measures on digital platforms. As technology advances, the potential for such deceptive practices only intensifies, necessitating robust countermeasures to protect the public.