AI-Powered Deepfake Crypto Scams Surge in Q2 2024, Warns Gen Digital

Crypto scammers have increasingly used AI-generated deepfake videos in the second quarter of 2024, targeting individuals with fake investments featuring prominent figures like Elon Musk and Vitalik Buterin, warns Gen Digital.

AI Deepfake Crypto Scammers Ramp Up Operations in Q2: Gen Digital

Crypto scams utilizing artificial intelligence (AI)-powered deepfake videos saw a significant uptick in the second quarter of 2024, according to cybersecurity software company Gen Digital. Known for its antivirus brands Norton, Avast, and Avira, Gen Digital has highlighted the dangers posed by these increasingly sophisticated schemes, which target unsuspecting crypto holders through social media platforms.

In its recent quarterly report, Gen Digital revealed that the scam group “CryptoCore” was responsible for much of this activity. CryptoCore uses AI-generated deepfake videos to create fake crypto investment schemes. These scammers manipulate official videos of high-profile figures such as Elon Musk, Michael Saylor, Vitalik Buterin, and Larry Fink, altering the audio and mixing in unofficial footage to make the scams appear more legitimate.

The fraudulent videos are disseminated across popular social media platforms, including YouTube, X (formerly Twitter), and TikTok. One of CryptoCore’s tactics involves hijacking social media accounts with large followings, using livestreams to promote scams in real time. This method allows the group to reach a vast audience before being detected.

Cybercriminals Expand Toolkits with AI

Gen Digital’s chief technology officer, Siggi Stefnisson, noted that cybercriminals are broadening their toolkits with AI advancements, making their schemes more effective and deceptive. “Scammers are adept at exploiting what’s already on their target’s minds, whether that’s financial security, love, or even elections,” Stefnisson explained. “Now, with AI and other new tech, their schemes are more sophisticated and convincing than ever before. We urge consumers to stay informed and alert.”

According to Gen Digital, the CryptoCore group has amassed millions of dollars through its deepfake video scams. In the last quarter alone, the group reportedly swindled crypto holders out of $5 million.

In one incident during SpaceX’s integrated flight test in June, 50 YouTube accounts were hijacked, resulting in over 500 unauthorized transactions and the theft of $1.4 million.

Most Exploited Topics Include SpaceX and MicroStrategy

In a related report by Avast, another cybersecurity software company, it was revealed that scammers are primarily focusing their deepfake scams on topics involving companies like SpaceX, MicroStrategy, Ripple, Tesla, BlackRock, and Cardano. The scammers use advanced AI tools to create highly realistic lip-syncing in videos, convincing viewers that these are official endorsements or promotions from well-known figures.

As AI technology continues to advance, the use of deepfakes in crypto scams is expected to increase. Security experts urge users to be vigilant and skeptical of unsolicited investment opportunities, particularly those involving high-profile individuals or companies.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)