Prime Minister of Singapore Warns Against Deepfake Crypto Scam
Lee Hsien Loong, the prime minister of Singapore, has issued a warning to his social media followers about the use of deepfake videos that manipulate his voice and image to promote cryptocurrency scams. On platforms like X (formerly Twitter), LinkedIn, and Facebook, Loong urged his followers to be cautious and not fall for scammers who utilize artificial intelligence (AI) technology to create convincing deepfakes. These deepfakes falsely claim that the prime minister guarantees investment returns and crypto giveaways. Loong even shared an example video of himself being interviewed, which was created by scammers to endorse a fraudulent “hands-free crypto trading” scheme.
“The use of deepfake technology to spread disinformation will continue to grow,” said Loong. “We must remain vigilant and learn to protect ourselves and our loved ones against such scams.”
Prime Minister Previously Targeted by Scammers
This is not the first time that Prime Minister Loong has been targeted by scammers. In 2021, he warned Singaporeans to stay vigilant when dealing with cryptocurrency platforms, as someone had set up a profile on BitClout to sell tokens using fake social media accounts. Additionally, Loong and Deputy Prime Minister Lawrence Wong faced inquiries from lawmakers following the collapse of FTX in 2022.
$2 Billion Stolen in 2023
Despite losing approximately $2 billion to crypto thefts, there was a slight decline in hacking incidents targeting the cryptocurrency industry in 2023. According to a recent report from De.FI, hackers managed to pilfer $2 billion in digital assets throughout the year. While still concerning, this marks the first decrease in crypto hacking incidents since 2021. The REKT database, known for ranking the most devastating crypto hacks, highlighted incidents such as the breach of the Ronin network in 2022 and the attack on Mixin Network in 2023. De.FI stated that these incidents demonstrate ongoing vulnerabilities and challenges within the DeFi ecosystem.
Hot Take: Protecting Against Deepfake Scams
Prime Minister Lee Hsien Loong’s warning about deepfake videos being used in cryptocurrency scams serves as a reminder to be cautious and skeptical when encountering investment opportunities online. The use of AI technology to create convincing deepfakes is a growing concern, and individuals must remain vigilant in protecting themselves and their loved ones from falling victim to such scams. It is essential to verify information independently and not solely rely on endorsements or guarantees from public figures. By staying informed and practicing critical thinking, you can reduce the risk of becoming a target for deepfake crypto scams.
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