Cryptocurrency

Elon Musk Deepfake Video Goes Viral In Latest Crypto Scam

Most viewers quickly identified the video as a scam due to Musk’s robotic voice.

Cryptocurrency

Elon Musk Deepfake Video Goes Viral In Latest Crypto Scam

Most viewers quickly identified the video as a scam due to Musk’s robotic voice.

The scam was quickly identified due to the robotic voice, which promised users 30% dividends on their cryptocurrency investments for life. Elon Musk also took to the comment section to say that it was definitely not him.

Deepfake scams are a form of video made with artificial intelligence to create the appearance of a public figure’s face and voice portraying false events. This video was put together by a fake cryptocurrency trading platform BitVex, and poorly according to users that commented on the shared video. This technology while often used with malicious intent has also been used for good, for example, the Star Wars Mandolorian series used it to bring back a young Mark Hamil to portray a 1977 version of Luke Skywalker.

When it comes to scams in the Crypto and NFT space, deepfakes are not the most common form of attack. Currently, malicious links, fake mint sites, and surprise releases from hacked accounts seem to be the most common.

This week the NFT space saw Beeple’s Twitter account hacked with two phishing scams promoted that netted a loss of over $438 thousand USD in victims’ digital assets. Additionally, it appears an NFT collector was scammed for his collection of over 29 Moonbirds in a phishing scheme, with an estimated loss of nearly $1.4 million USD in value.

The best way to avoid these types of scams is to not click on external links, be skeptical by default when making private trades, triple-check all details, and use a third-party marketplace for increased safety.

Another recommended safety tip that could be found helpful in situations like this is to keep all digital assets of value on a cold storage wallet like a Ledger and for minting use an empty to low balance hot wallet — especially to interact with free raffles users are uncertain of.

Elsewhere in Crypto, Bitcoin is back on Stripe as a business payment solution thanks to a partnership with OpenNode.

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