Scammers Use Deepfake Technology in Fake Elon Musk Livestreams, Stealing Over $28,000 from Crypto Investors During Bitcoin 2024 Event
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Scammers used deepfake technology to create fake livestreams of Elon Musk on YouTube, pretending he was part of the Bitcoin 2024 event. These videos made it seem like Musk was streaming live, tricking viewers into thinking they were attending a real Bitcoin conference.
One fake stream alone collected over $28,000 in cryptocurrencies, including Bitcoin, Ether, and Dogecoin, from people who believed they were participating in the event.
The streams were just looped, AI-generated videos of Musk, and many people lost their crypto assets to these scams.
This incident highlights the risks of deepfake technology and the importance of verifying the authenticity of online content before making financial transactions.
📱 This incident highlights the inherent risks of spyware applications, which can become a target for hackers, compromising user privacy and security. ⚠️👤
— Phillip Shoemaker (@pbsIdentity) July 29, 2024
Therefore, the deepfake scam misled investors, leading to over $28,000 in losses and undermining trust in cryptocurrency events. Such frauds can increase market scepticism, damage reputations, and heighten the need for stricter verification measures to protect investors.
Fake Elon Musk Livestream Scams Steal $28,586, Urging Caution Against Crypto Fraud
If someone promises to double your cryptocurrency, they’re probably a scammer. Recently, scammers tricked people using fake livestreams with deepfake videos of Elon Musk.
They created three fake streams that made it look like Musk was promoting cryptocurrency, leading people to send Bitcoin, Ethereum, and Dogecoin. The scammers made about $28,586, collecting 0.322 BTC, 2.026 ETH, and 374.63 DOGE.
YouTube is slow to remove these scam videos, unlike how they handle other false information.
This shows why it’s crucial to be careful and check if offers or livestreams are genuine before sending any money. Always stay alert to avoid falling for these types of fraud.
Fake Elon Musk Livestream Still Online, Warns Bitcoin Advocate of Crypto Scam
Despite being reported many times, a fake livestream with a deepfake of Elon Musk is still online as of Sunday, July 28, 4:25 p.m. EDT. The video falsely claims to be live, showing Musk on stage with a fake viewer count of 91,000.
Bitcoin advocate Michael Dunworth warned on X about the scam, saying people were tricked into thinking Musk was giving away free bitcoins at the Bitcoin 2024 event.
He noted the livestream is fake, with a dubbed voice and a fake viewer count of over 70,000. Dunworth urged the crypto community to be cautious and avoid such scams.
