Saylor Exposes Rising Deepfake Threat in Bitcoin Scam Epidemic

Saylor Exposes Rising Deepfake Threat in Bitcoin Scam Epidemic

MicroStrategy’s Executive Chairman, Michael Saylor, has warned of a surge in AI-generated fake videos promoting Bitcoin scams. Daily, around 80 deepfake videos impersonating Saylor are removed. These videos often deceive viewers into scanning QR codes, leading to financial losses.

Bitcoin enthusiasts, consequently, are asked to be more careful as sophisticated deepfakes target them to impersonate key figures. Moreover, Michael Saylor, the founder of MicroStrategy, one of the world’s largest Bitcoin holders, has raised an alarm about a deluge of AI-generated deep-fake videos in the Bitcoin community. He issued this warning. Why? Because several fake YouTube videos feature him promoting Bitcoin giveaways. Which he denied adamantly.

Saylor warns of fake giveaways

According to Saylor’s tweet, his security team is engaged in a daily battle against these imposters, taking down an average of 80 fraudulent videos every 24 hours. These videos depict Saylor allegedly encouraging viewers to scan a barcode and send Bitcoin to double the amount back, a classic scam tactic designed to lure unsuspecting victims. The videos, in addition, showed Saylor discussing topics like the Bitcoin ETF and predicting a surge in crypto prices.

Saylor emphasized, however, that there’s no risk-free way to double your Bitcoin, and MicroStrategy doesn’t give away BTC to those who scan a barcode. He continued by urging the Bitcoin community not just to trust any video but to verify if it’s true.
Saylor’s cautionary message to Bitcoin holders was, however, focused on a particular tactic used in recent times by crypto scammers.

However, Saylor’s cautionary message to Bitcoin holders was focused on a particular tactic used in recent times by crypto scammers.

Prominent figures targeted in AI scams

Saylor’s warning comes in the wake of similar concerns expressed by other key figures in the crypto industry, including the Cardano founder, Charles Hoskinson.

Additionally, Ripple CEO Brad Garlinghouse was targeted by similar AI scams in November 2023. The fraudulent video depicted Garlinghouse promoting fictitious XRP giveaways, which he denied too. This tactic is usually used to manipulate unknowing individuals into sending cryptocurrency to scammers.

Technological advancements and its implications

Artificial intelligence (AI) has ushered in a new era of technological advancement, enabling the creation of realistic and, in contrast, convincing digital content. While AI has several benefits across various industries, its capabilities also make it a tool for malicious purposes in the hands of scammers.

The rapid development of AI technology, as a result, can be referred to as a double-edged sword. It, however, promises immense growth and innovation in various sectors but also poses significant risks. The recent events involving Saylor, Hoskinson, and Garlinghouse are examples of the risks involved.

On the dark side, however, AI’s ability to create deep fake videos significantly opened new avenues for crypto scammers to use these technologies to develop scam videos. The rate at which AI can mimic prominent figures, sadly, is alarming and has far-reaching implications.

However, these concerns extend to other sectors where misinformation has serious consequences and are not limited to cryptocurrencies. Experts, including tech pioneers like Elon Musk, have acknowledged AI’s ability to revolutionize industries. Elon Musk, in addition, cautioned about AI’s ability to be misused and cause ‘civilization destruction.’

Users, consequently, must adopt a cautious approach to end this emerging threat. Verifying the source of information will always help. Also, remaining skeptical of unrealistic promises is a crucial step in safeguarding crypto holdings. Additionally, users should avoid sending funds to unknown addresses or platforms, especially those offering exorbitant returns.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.