A crypto scam uses Elon Musk's deep fake clips to promote what appears to be a fraudulent trading platform. It also deceptively promises its depositors to earn staggering returns.
Scams involving the speculative digital currency have been sprouting like mushrooms, enticing its victims to earn skyrocketing returns instantaneously.
BERLIN, GERMANY DECEMBER 01: SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.
However, the hefty returns appear not enough to entice online folks. So, to make the whole scheme a bit more promising, fraudsters are fond of using tech mega billionaires — along with highly influential celebrities.
Crypto Scam and Elon Musk
As per a news story by BBC, the Federal Trade Commission (FTC) previously revealed back in 2021 that crypto scammers typically pretend to be the CEO and founder of Tesla, Musk, among other prominent faces.
Using prominent faces like the ultra-rich tech CEO of SpaceX seems to be an effective approach to entice more victims.
In fact, the FTC says that recent fraud losses have already accumulated millions of dollars.
But to be more precise, the Commission reported last year that schemes using the face of Musk have already pocketed roughly to the tune of $2 million.
On top of that, in 2020, the official Twitter of the Tesla boss even got taken over by crypto scammers, which also hacked the account of Kanye West, former US president Barack Obama, and the current POTUS Joe Biden.
Read Also: Elon Musk Is Not Moving Twitter's Acquisition Forward Without the Exact Number of Bots
Crypto Scam and Elon Musk Deep Fake
But this time, the latest crypto scam is taking the next level, capitalizing on one of the emerging revolutionary tech these days — deep fakes.
LONDON, ENGLAND - APRIL 25: In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph on April 25, 2018 in London, England.
According to a recent report by Bleeping Computer, a new scheme uses deep fake clips of Musk to promote a fraud crypto exchange.
The fake crypto exchange that goes by the name BitVex pretends that none other than Musk himself owns it.
BitVex is using the deep fake of Musk to tell its victims that the mega-billionaire birthed the crypto exchange to give away a staggering 30% returns to its depositors. This may be pretty believable given the outrageousness of Musk's accomplishments.
Bleeping Computer further notes that the latest crypto scheme hacks YouTube accounts to upload videos wherein deep fake clips of Musk promote the fraud exchange.
It also uses other deep fake videos other than the Tesla CEO. It includes other personalities like Charles Hoskinson, Brad Garlinghouse, Cathie Wood, and Michael Saylor. Interestingly, it also uses the CEO of Binance, Changpeng Zhao, to promote the scheme.
But it prominently features that deep fake of Musk as it pretends to be owned by the tech entrepreneur.
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