Deepfake Scams Target Cryptocurrency Users

According to ShibDaily, Russian technology company FACCT has uncovered a new wave of cryptocurrency scams utilizing deepfake technology. These scams involve fraudulent advertisements featuring video and audio deepfakes of prominent figures, including US President-elect Donald Trump, SpaceX CEO Elon Musk, and journalist Tucker Carlson. The deepfake bot, designed for English-speaking audiences, allows users to create videos and audio files using the likenesses of these celebrities. These manipulated media pieces are then used to promote fake cryptocurrency exchanges. FACCT has identified three prevalent fraud schemes in the cryptocurrency sector. The first involves fake crypto exchanges where victims are deceived into transferring tokens to non-existent wallets, resulting in the loss of their assets. The second scheme, known as "crypto predators," involves scammers sending malicious links to victims, enabling them to access the victims' wallets. The third scam involves "scam tokens," which are coins that users can purchase but cannot sell. The use of deepfake technology in crypto scams is not new. In November 2024, Google issued a warning about the increasing complexity of crypto investment frauds using deepfake impersonations. Earlier in April 2024, a misleading live stream on YouTube, falsely attributed to SpaceX, featured an AI-generated speech by Elon Musk promoting a cryptocurrency investment opportunity. This manipulated content falsely claimed the potential to double returns. During his campaign, President-elect Trump expressed support for cryptocurrency, promising to establish a national Bitcoin reserve. Following his election victory, Trump aims to appoint crypto-friendly leaders to key regulatory positions, including the Securities and Exchange Commission. His recent actions, including the reported acquisition of Bakkt by Trump Media and Technology Group, have stirred significant interest in social media and crypto communities. This article is intended for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.