A wave of scams targeting cryptocurrency investors using AI-generated deepfake videos has swept across platforms like Youtube and X, with Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor among the prominent figures featured.
On Friday, Saylor issued a warning about fraudulent deepfake videos of him and Microstrategy giving away bitcoin appearing on Youtube. The AI-generated videos prompted him to urge his followers to exercise caution, emphasizing: “There is no such thing as a free lunch.”
The video shows a deepfake of Saylor urging viewers to send him bitcoin, promising to double the amount. He also claimed that the SEC approving a spot bitcoin exchange-traded fund (ETF) would send the price of BTC to a staggering $1 million. Clicking on the video link directs you to a scam website claiming to offer the “biggest crypto giveaway” with 1,000 BTC and 10,000 ETH up for grabs. The website encourages immediate participation with limited spots available and no crypto knowledge required.
“During this unique event, you have the opportunity to take a share of 1,000 BTC & 10,000 ETH. Have a look at the rules and don’t miss out on this. You can only participate once!” the website details. “Our model is based on guaranteed outcome,” the deepfake, AI-generated Saylor said, urging investors to scan the QR code that appears on their screen.
Saylor recently revealed that he is selling $216 million of Microstrategy’s shares with a plan to buy more bitcoin for his personal holdings. While the executive chairman has not disclosed how much BTC he owns recently, he said in October 2020 that he personally owns 17,732 BTC. Meanwhile, his software intelligence firm publicly reported holdings of 189,150 bitcoin as of December 2023.
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