June 30, 2022

Home Bitcoin News Bitcoin Scam ‘Yikes!’ Elon Musk warns customers in opposition to newest deepfake crypto rip-off – Cointelegraph

‘Yikes!’ Elon Musk warns customers in opposition to newest deepfake crypto rip-off – Cointelegraph

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Deepfakes abound! Crypto scammers produce a deepfake video of Elon Musk’s TED speak to prey on unwitting social media customers.


Tesla CEO Elon Musk distanced himself from one more fabricated video selling a cryptocurrency rip-off.

Initially shared on Twitter, the video in query was a deepfake of Musk purportedly selling a cryptocurrency platform boasting 30% returns on crypto deposits. Scammers made use of unique footage from a TED Discuss that includes Musk and curator Chris Anderson at a TED convention in Vancouver in April this 12 months.

The tweet and video caught the eye of Musk himself, who’s been more and more energetic since his transfer to amass the social media platform for an estimated $44 billion. The Tesla CEO and SpaceEx founder replied to the video in his signature comical type:

Musk’s international renown as a expertise pioneer has made him a alternative goal for scammers trying to make the most of unwitting social media customers and traders. The not-so-tech-savvy customers are susceptible to being duped by scams selling unrealistic returns on funding.

Cryptocurrency scams of this nature had been rife in 2020 and 2021, with america Federal Commerce Fee (FTC) releasing a report that estimated that over $80 million value of cryptocurrency was stolen from unsuspecting victims over a six month interval.

Given Musk’s affinity for the cryptocurrency area and his pro-Dogecoin slant, fraudulent YouTube reside streams turned a weapon of alternative. Musk’s now-famous look on the American tv present Saturday Night time Stay proved to be a money cow for scammers, with the FTC zooming in on rip-off addresses that had acquired about 9.7 million Dogecoin value $5 million in Might final 12 months.

Related: Elon Musk buys Twitter for $44B — crypto industry reacts

Musk’s transfer to purchase Twitter has include guarantees to advertise free speech on the platform, whereas the Tesla CEO additionally vowed to cull an alarming variety of spam and rip-off bots which have fleeced customers of tens of millions in recent times in his Ted speak look earlier this 12 months:

“A prime precedence I might have is eliminating the spam and rip-off bots and the bot armies which might be on Twitter. They make the product a lot worse. If I had a Dogecoin for each crypto rip-off I noticed, we’d have 100 billion Dogecoin.”

As Cointelegraph beforehand explored, deepfake videos have been prevalent because the time period was coined in 2017. Making use of synthetic intelligence and computer-generated photographs, video and audio, creators look to govern, deceive or rip-off viewers with media that’s usually so life like it is exhausting to discern fact from fiction.

Blockchain expertise has been touted as a possible instrument to fight deepfake and faux information. However the actuality is that social media platforms are nonetheless awash with fraudulent media.

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