Over the weekend, a sophisticated crypto scam using deepfake technology exploited the likeness of Elon Musk, deceiving thousands of viewers on YouTube. The now-deleted livestream encouraged viewers to deposit Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) to a fictitious website, promising to "automatically return double the amount of the cryptocurrency deposited."

Fake Livestream Gains Massive Viewership

The fraudulent stream, which garnered over 30,000 viewers at its peak, ran for five hours and featured semi-pixelated videos of Elon Musk. The video included segments showing Musk seemingly hosting a live stream during a Tesla event. An AI-generated version of Musk's voice urged viewers to visit the scam website and participate in a bogus cryptocurrency giveaway.

The account behind the stream, “@elon.teslastream,” posed as an official Tesla account and even displayed a verification badge, adding to the deception. Google swiftly removed both the video and the channel, but not before significant damage was done.

A History of Musk-Related Crypto Scams

This incident is part of a troubling trend of crypto scams leveraging deepfakes of Elon Musk. On April 8, fraudulent SpaceX giveaway scams proliferated on YouTube, masquerading as live streams centered on the April 8 solar eclipse. A month later, on May 8, the Hong Kong Securities and Futures Commission (HKSFC) issued a warning about a fake crypto exchange using AI-generated videos of Musk to promote its services.

The Rising Threat of AI-Generated Scams

The increasing use of AI in these scams poses a serious threat to the credibility of both AI technology and the cryptocurrency industry. A recent report by Elliptic highlighted how AI can expedite the execution of crypto scams, making them more convincing and harder to detect. The report underscores the growing sophistication of these schemes and the urgent need for heightened security measures and public awareness.

Engadget Breaks the News

Engadget was the first to report this weekend’s live scam, bringing attention to the ongoing issue of deepfake technology being used to defraud cryptocurrency users. This latest incident serves as a stark reminder of the potential dangers lurking in the digital world and the importance of vigilance when interacting with online content, especially those involving financial transactions.

The recent deepfake scam involving Elon Musk is a clear example of how advanced technology can be exploited for malicious purposes. As AI-generated content becomes more sophisticated, the crypto community must stay alert and informed to protect themselves from such deceptive schemes. The incident underscores the need for platforms like YouTube to implement stricter measures to detect and prevent fraudulent activities, ensuring a safer environment for users.