Michaela Alvez
Russian company FACCT, developer of technologies to fight cybercrime, has reported that video and audio deepfakes of US President-elect Donald Trump had been used in fraudulent advertisements for fake cryptocurrency resources.
FACCT reported that a new crypto scam bot had been circulating on a popular chat app that allowed users to “create deepfakes” using the faces of several famous celebrities. Apart from Trump, the bot also created deepfake videos of the Founder and CEO of SpaceX Elon Musk, and American journalist Tucker Carlson. Bot users could also create audio files featuring any text, up to 400 characters long.
The firm stated that the deepfake-creating bot is “designed for an English-speaking audience”, and the proposed deepfakes are used to generate advertising for fake crypto exchanges. FACCT also reported that these videos have found their way to TikTok and YouTube.
Types of Crypto Scams
FACCT identified three major fraud schemes currently widespread in the cryptocurrency industry. The first scheme highlighted by FACCT analysts involves “fake crypto exchanges and fraudulent buyers.” In this scam, criminals trick victims into transferring tokens to non-existent wallets, only to disappear with their coins.
The second type of scam identified is known as “crypto predators.” In this scheme, scammers send victims a link containing malicious software, which allows them to gain access to the victim’s wallet.
The third scam involves “scam tokens,” which are coins that users can purchase but are unable to sell.
Deepfakes Aren’t New
The use of celebrity deepfake videos in crypto scams is not unheard of. On Nov. 14, 2024, Google issued a warning on the increase in volume and complexity of crypto investment frauds using deepfake impersonations.
In April 2024, a misleading live stream on YouTube, masquerading as SpaceX, allegedly aired the total solar eclipse. The stream included an AI-generated speech that was inaccurately credited to Elon Musk.
The live stream featured a pre-recorded video of Musk speaking to a crowd, but the speech was manipulated with AI technology to promote a cryptocurrency investment opportunity, falsely claiming the potential to double returns.
Trump’s Crypto Pivot
During the president-elect’s campaign, Trump spoke positively about cryptocurrency and promised to create a national Bitcoin reserve. In the wake of his election triumph, Trump seeks to place crypto-friendly leaders in key regulatory bodies, most notably the Securities and Exchange Commission.
Social media and crypto spaces have been abuzz in recent days, thanks to Trump’s bold moves. A recent development that garnered significant attention is the reported acquisition of Bakkt by his media company, Trump Media and Technology Group.
Read More
- Trump Just Put Shiba Inu on Everyone’s Radar: What Happens Next?
- Trump’s Reported SEC Pick Could Be Teresa Goody Guillén
- Google Warns of AI Deepfakes, Crypto Scams, and Fraud Targeting Major Events
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
