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Tuesday, December 6, 2022

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

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Tesla CEO Elon Musk distanced himself from one more fabricated video selling a cryptocurrency scam.

Originally 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 Talk that includes Musk and curator Chris Anderson at a TED convention in Vancouver in April this 12 months.

The tweet and video caught the eye of Musk, himself, who has 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 model:

Musk’s international renown as a expertise pioneer has made him a selection goal for scammers seeking to make the most of unwitting social media users and buyers. The not-so-tech-savvy users are prone to being duped by scams selling unrealistic returns on funding.

Cryptocurrency scams of this nature have been rife in 2020 and 2021, with the United States Federal Trade Commission (FTC) releasing a report that estimated that over $80 million value 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 stay streams turned a weapon of selection. Musk’s now-famous look on the American tv present Saturday Night Live proved to be a money cow for scammers, with the FTC zooming in on scam addresses that had obtained about 9.7 million Dogecoin value $5 million in May final 12 months.

Related: Elon Musk buys Twitter for $44B — crypto industry 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 scam bots which have fleeced users of thousands and thousands in recent times in his Ted discuss look earlier this 12 months:

“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter. They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin.”

As Cointelegraph beforehand explored, deepfake videos have been prevalent for the reason that time period was coined in 2017. Making use of synthetic intelligence and computer-generated photographs, video and audio, creators look to govern, deceive or scam viewers with media that’s usually so sensible it is laborious to discern reality from fiction.

Blockchain expertise has been touted as a potential tool to combat deepfake and fake news. But the fact is that social media platforms are nonetheless awash with fraudulent media.