Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
Cryptocurrency scammers utilizing AI-powered deepfake videos increased their activity in the second quarter of 2024, according to a new report. Software firm Zen Digital has tracked a group of crypto scammers called “CryptoCore,” who are exploiting official videos of renowned entrepreneurs like Elon Musk, Michael Saylor, and Vitalik Buterin to promote fake crypto investments.
The scammers are posting doctored videos on social media platforms such as YouTube, Twitter, and TikTok, and using hacked accounts with many followers to carry out their scams. This has been found to be responsible for more than $5 million in cryptocurrency losses in Q2 2024 alone.
Some of the most popular subjects of AI-driven deepfakes were SpaceX, Microstrategy, Ripple, Tesla, Blackrock, and Cardano.
These incidents illustrate the new forms of cybercrime threats that are emerging as AI technology advances. It seems urgent to protect investors from fraudulent activities that exploit deepfake technology, and to ensure that the relevant technical and regulatory frameworks are in place.
Read More: Financial Services Committee Vice Chairman Meets With U.S. SEC Commissioner
