Michael Saylor Warns of AI Deepfake Bitcoin Scams, Urges Caution

B. Ali
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Michael Saylor, the Executive Chairman of MicroStrategy, has issued a warning about fraudulent schemes involving fake videos, created using artificial intelligence (AI) technology. These scams falsely portray Saylor and his company, claiming to offer free Bitcoin giveaways. Saylor wants everyone to know that there’s no such thing as a “free lunch” and to be careful not to fall for these tricks.

In the misleading videos, an AI-generated Saylor encourages investors to send Bitcoin or Ethereum with the promise of doubling the amount sent. Individuals must recognize these scams and avoid falling for the trap. Saylor’s message is clear: stay vigilant and don’t be swayed by deceptive promises of free cryptocurrency.

Cryptocurrency Investors Warned of Rising Deepfake Scams on YouTube

Cryptocurrency investors are facing a surge in scams using AI-generated deepfake videos on platforms like YouTube. Prominent figures such as Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor have been targeted. Saylor recently warned about fake videos on YouTube claiming he and Microstrategy were giving away free Bitcoin. He urged followers to be cautious, stressing that “There is no such thing as a free lunch.” Investors must stay vigilant and avoid falling for deceptive schemes promising free cryptocurrency.

Hence, crypto investors face increased risk with AI-generated deepfake scams targeting prominent figures on platforms like YouTube. Michael Saylor’s warning underscores the importance of caution, emphasizing the absence of genuinely “free” cryptocurrency.

Deceptive Crypto Scam Exploits Saylor’s Deepfake Video for Fake Giveaway

In the fake video, Saylor asks people to send him Bitcoin, promising to double it. He falsely predicts that if the SEC approves a bitcoin exchange-traded fund (ETF), the price of BTC will hit $1 million. Clicking the video link leads to a scam site offering a massive crypto giveaway of 1,000 BTC and 10,000 ETH. The site pressures immediate participation, claiming limited spots and no need for crypto expertise. Be cautious and avoid falling for such scams; they are deceptive and aim to exploit people’s trust in cryptocurrency. Remember, there’s no genuine “biggest crypto giveaway.”

Deceptive Crypto Scams and Saylor’s Bitcoin Moves Amid Market Caution

It is worth noting that the scam website claims that you can grab a share of 1,000 BTC and 10,000 ETH in a supposed “unique event.” It emphasizes one-time participation, urging viewers to follow the rules and scan a QR code for a guaranteed outcome. In reality, this is a deceptive scheme. Meanwhile, Microstrategy’s executive chairman Michael Saylor is selling $216 million in company shares to buy more Bitcoin personally.

Although he hasn’t disclosed his recent BTC holdings, he mentioned owning 17,732 BTC in October 2020, while Microstrategy reported holding 189,150 Bitcoin as of December 2023. Be cautious and skeptical of such offers to avoid falling victim to scams.

Therefore, the news of scams using deepfake videos will likely create uncertainty in the crypto market, potentially causing investors to be more cautious. However, the impact on the overall market is contingent on broader sentiments and reactions.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.