Deepfake videos victimize all kinds of individuals. That includes influential people like Elon Musk.
A new scam involving a Deepfake video of Musk spreading an investment opportunity that happens to be a dodgy or illegal crypto trading platform has gone viral.
Crypto scams have been mushrooming quickly on Twitter, such as with the hacked account of famous digital artist Beeple that targets the followers and investors of well-known accounts such as the Tesla CEO Musk.
Suggested Reading | Crypto Is Now Accepted By One Of Brazil’s Leading Real Estate Companies
Musk issued a warning on Twitter telling people that the video was fake. In the Deepfake video, you’ll see the billionaire discussing a new crypto investment project and encouraging people to invest their money in guaranteeing roughly 30% dividends daily for life.
A Deepfake refers to a phony video created using AI that makes realistic images depicting fictitious or fake events. With this viral Deepfake of Musk, it’s clear that it’s an old video edited to make it appear as if he is saying something when he isn’t.
BitVex, an illegitimate trading platform, is the brains behind this scam.
Following the ruckus on social media, Musk tweeted:
“Yikes. Def, not me.”
Musk's speech seemed artificial and he was unintelligible in the video (Phys.org).
Musk denied he was the one on the footage. However, it was apparent because of its poor and amateurish editing. Musk’s voice sounded robotic, and he was incomprehensible.
The video was so terribly made that even Dogecoin co-founder Billy Markus had this to say:
“Someone stupid enough to invest in that deserves to lose their money, but at the same time, the scammers deserve to spend their life in jail.”
Dogecoin is supported by Musk, which also helped pump up its value. Dogecoin currently has an $11-billion market cap and is dubbed to be the 11th top cryptocurrency.
DOGE total market cap at $10.30 billion on the weekend chart | Source: TradingView.com
Suggested Reading | WeWork Founder Is Back With $70 Million Funding For Flowcarbon
The original meme coin started as a joke and is said to have zero utility value. Still, thanks to Musk, even the NBA’s Dallas Mavericks are now starting to accept the coin for buying their tickets and merchandise in March last year.
Meanwhile, phishing scams on Twitter and around social media have spread like wildfire. Musk’s Deepfake clip was, well, fake but not everyone can easily detect a bogus from actual video footage.
People may lose their money to risky yet legitimate investments, but it’s wise to be always vigilant on phishing scams, especially if it involves money and crypto investments.
Featured image from Wccftech, chart from TradingView.com
X Social Media Platform responds to Taylor Swift deepfake scandal by temporarily blocking searches, highlighting concerns over deepfake technology and AI's rapid advancements. The struggle to combat generative AI poses challenges for social media, emphasising the need for proactive measures to address ethical dilemmas and stay ahead in regulating AI's impact.
JoySingapore's PM Lee Hsien Loong alerts the public about deepfake videos misusing his image for cryptocurrency scams, emphasizing the need for vigilance and reporting.
AlexSingapore Prime Minister Lee Hsien Loong has issued a warning against deepfake videos circulating on social media, urging the public to be cautious of cryptocurrency investment scams. The Prime Minister clarified a deepfake video on Facebook, emphasizing the use of AI technology to manipulate his voice and image. He called on the public to ignore such videos and report false information. The Prime Minister also noted the escalating threat of deepfake videos, with recent reports indicating a 500% surge in such content within the country in 2023.
SanyaSingapore Prime Minister Lee Hsien Loong issued a cautionary note to the public, unveiling a concerning deepfake video circulating online. The fabricated clip, supposedly featuring PM Lee in an interview with CGTN, endorses a crypto investment platform allegedly approved by the government.
JoyGraphika's report reveals a 2,408% rise in AI undressing, sparking global concerns and calls for regulatory action against synthetic explicit content.
Hui XinTaylor Swift's talents seem boundless, as she showcases the ability to converse fluently in Mandarin Chinese. In reality, the deepfake video is a creation of AI.
CatherineTraditional UK banks have recently tightened their stance on cryptocurrency-related activities, resulting in numerous account closures and stricter policies. This shift in the financial landscape has prompted around 38% of crypto investors in the UK to switch banks.
JasperRecent media reports have raised concerns about Deputy Premier Cheng Wen-tsang from Taiwan, suggesting he may be involved in a deepfake scandal. A circulating video seemingly shows Cheng in a compromising situation with a woman in a hotel room. Cheng strongly denies the video's authenticity, alleging manipulation and editing, and has threatened legal action.
JoyIn a concerning trend, cybercriminals are increasingly utilising AI tools to craft convincing deepfake representations of celebrities to deceive fans into parting with their money and crypto.
KikyoDeepfakes abound! Crypto scammers produce a deepfake video of Elon Musk's TED talk to prey on unwitting social media users.
Cointelegraph