‘Yikes!’ Elon Musk warns users against latest deepfake crypto scam

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 yr.

The tweet and video caught the eye of Musk himself, who’s been more and more lively 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 fashion:

Musk’s world renown as a know-how pioneer has made him a selection goal for scammers trying to benefit from unwitting social media customers and buyers. The not-so-tech-savvy customers are vulnerable 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 price of cryptocurrency was stolen from unsuspecting victims over a six month interval.

Given Musk’s affinity for the cryptocurrency house and his pro-Dogecoin slant, fraudulent YouTube dwell streams grew to become a weapon of selection. Musk’s now-famous look on the American tv present Saturday Evening Reside 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 price $5 million in Could final yr.

Associated: Elon Musk buys Twitter for $44B — crypto trade 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 hundreds of thousands lately in his Ted discuss look earlier this yr:

“A prime precedence I’d 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 movies 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 control, deceive or rip-off viewers with media that’s typically so lifelike it is arduous to discern reality from fiction.

Blockchain know-how 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.