Coinbase has issued a warning about the increasing threat of deepfake scams in the cryptocurrency industry, highlighting the risks posed by these AI-generated fake images and videos on platforms like YouTube.

The warning comes amid growing concerns about digital security, particularly in the wake of the recent conviction of former US President Donald Trump. The conviction has led to a surge in the use of deepfakes, which are AI-generated images and videos designed to deceive and manipulate. These deepfakes have been used to spread fake news and misinformation on social media platforms, including YouTube.

Coinbase's Chief Information Security Officer (CISO), Jeff Lunglhofer, has expressed concerns about the increasing complexity and frequency of deepfakes. He notes that these scams are particularly dangerous because they can be difficult to detect and can be used to manipulate perceptions and disseminate fake news.

Lunglhofer has also highlighted the risks posed by deepfakes in the crypto industry, where they can be used to target executives and manipulate transactions. He has called for stricter security measures to protect against these threats, including the use of vaults and multi-sig signing protocols.

In addition, Lunglhofer has advised on the use of passkeys, which produce a security token for a given user device that cannot be copied or switched. This method is more secure than simple SMS-based authentication, which he says is easy to hack into and was never designed to provide security in the first place.

Overall, Coinbase's warning highlights the need for increased vigilance and security measures to protect against the growing threat of deepfake scams in the crypto industry.