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AI-Generated Deepfake Elon Musk Promotes Crypto Scam on YouTube Live

An AI-generated deepfake video featuring Elon Musk was livestreamed on YouTube, promoting a fraudulent crypto giveaway and directing viewers to a dubious website.

The video, which was eventually removed, streamed continuously for five hours on a Sunday, mimicking a segment from a Tesla event.

According to a report by Engadget, the deepfake video utilized Elon Musk’s AI-generated voice, urging viewers to visit a specific website. In the video, he encouraged cryptocurrency investors to deposit Bitcoin, Ethereum, and Dogecoin to participate in a supposed giveaway.

Viewers were promised that the website would automatically return double the amount of cryptocurrency deposited.

At one point, the video attracted over 30,000 viewers, propelling it to the top of YouTube’s Live Now recommendations.

The crypto community issued a warning to users about a YouTube scam involving deepfake technology. One user highlighted that the convincing nature of the scam was due to “the current advancements in artificial intelligence and deepfake technology.”

“Deepfakes, which are AI-generated videos capable of seamlessly replacing one person’s appearance and voice with another’s, illustrate how easily visual and audio media can be manipulated.”

Another user urged the YouTube Team to take decisive action against what they termed a “serious crime.” They emphasized, “This was a fake or deepfake intended to deceive people into surrendering their cryptocurrency.”

In a related incident last month, a cybersecurity report disclosed that more than 35 YouTube channels live-streamed a deepfake video featuring Elon Musk. These videos promoted a fraudulent crypto scheme promising high returns, specifically targeting space enthusiasts eager to witness the SpaceX starship rocket launch.

Celebrity-Targeted Crypto Scams

Crypto scams and fraudulent promotions targeting Elon Musk’s followers on social media have been a persistent issue for years. In October 2023, another deepfake video featuring Elon Musk falsely promised 30% returns on deposits, encouraging users to invest in the BitVex trading platform.

However, Elon Musk isn’t the sole target of such scams. Recently, rapper 50 Cent’s social media account was hacked, resulting in a multimillion-dollar rug pull scam involving a memecoin.

On Sunday, the hacker used 50 Cent’s account to execute the scam, reportedly making $3,000,000 in just 30 minutes. The rapper quickly clarified the situation on Instagram, stating, “My Twitter & Thisis50.com was hacked I have no association with this Crypto.” He also mentioned that Twitter acted swiftly to regain control of his account.

These incidents underscore the ongoing challenges of fraud and manipulation in the cryptocurrency space, exploiting the trust and influence of high-profile figures for financial gain.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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