Scams Targeting Crypto Investors with Deepfake Videos
A series of scams using AI-generated deepfake videos have been circulating on platforms like Youtube, featuring prominent figures such as Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor. Saylor issued a warning about these fraudulent videos, emphasizing that there is no such thing as a free lunch.
Fraudulent Deepfake Videos of Saylor
Saylor specifically highlighted a deepfake video of himself urging viewers to send him bitcoin with the promise of doubling the amount. The video claims that the SEC approving a spot bitcoin exchange-traded fund (ETF) would send the price of BTC to $1 million. Clicking on the video leads to a scam website offering a crypto giveaway with 1,000 BTC and 10,000 ETH up for grabs.
Participation in the Scam
The scam website encourages immediate participation, claiming limited spots are available and no crypto knowledge is required. The AI-generated deepfake Saylor advises investors to scan the QR code on their screen for participation. However, it is important to note that this is a fraudulent scheme.
Saylor’s Personal Bitcoin Holdings
Saylor recently revealed that he is selling $216 million of Microstrategy’s shares to buy more bitcoin. While he hasn’t disclosed his current BTC holdings, he stated in October 2020 that he personally owns 17,732 BTC. Microstrategy publicly reported holdings of 189,150 bitcoin as of December 2023.
Hot Take: Protect Yourself from Deepfake Scams
It is crucial to stay vigilant and protect yourself from deepfake scams that target crypto investors. Be cautious of any promises of free giveaways and always remember that there is no such thing as a free lunch. Verify information through reliable sources, double-check URLs, and never share personal or financial information with unknown entities. Trustworthy crypto figures like Michael Saylor will not ask you to send them cryptocurrency. Stay informed and safeguard your investments.
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