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Michael Saylor, the founder of cloud software giant MicroStrategy, is a well known name nowadays in the crypto sphere. So well known for his enthusiasm about bitcoin and for the massive amounts of bitcoin his company, MicroStrategy, bought, that he became the subject of numerous scams.
Saylor recently sounded the alarm on X (formerly Twitter) about the surge in AI-enhanced deepfake scams, specifically targeting YouTube viewers. These sophisticated scams are designed to swindle cryptocurrency by creating highly convincing fake content. Saylor’s warning is stark: there is no safe method to double your Bitcoin instantly, and his company, MicroStrategy, is not involved in any such Bitcoin giveaways. He emphasizes the relentless nature of these scams, noting that his team is constantly battling against a stream of around 80 fake AI-generated videos every day on YouTube.
⚠️ Warning ⚠️ There is no risk-free way to double your #bitcoin, and @MicroStrategy doesn't give away $BTC to those who scan a barcode. My team takes down about 80 fake AI-generated @YouTube videos every day, but the scammers keep launching more. Don't trust, verify. pic.twitter.com/gqZkQW02Ji
— Michael Saylor⚡️ (@saylor) January 13, 2024
What are Deepfakes with AI?
Deepfake technology, a disturbing byproduct of AI advancements, enables the creation of eerily realistic videos and images, depicting events or speeches that never happened. This technology has become a formidable tool in the hands of scammers, who use it to impersonate notable figures in the crypto world, including Saylor himself. They lure unsuspecting viewers with the false promise of doubling their cryptocurrency if they send their own to a specific address.
One report from London’s Global University tells that experts have ranked manipulated video/audio as the most worrying use of artificial intelligence in terms of its applications for crime.
The problem of fraudulent schemes in the crypto space is not new. In the past, even high-profile individuals like Elon Musk have had their accounts hacked to promote similar scams. In one notable instance in 2020, a teenager managed to hack the Twitter accounts of several celebrities, including Musk, and tricked people into sending over $100,000 in Bitcoin through fake tweets.
As predicted, Generative AI scams are now here. These will be dramatically better in 12-24 months and hard for anyone to distinguish between reality and the AI fiction https://t.co/u7uaIEUodt
— Charles Hoskinson (@IOHK_Charles) December 15, 2023
MicroStrategy, under Saylor’s guidance, has made a significant mark in the Bitcoin arena, holding over $8 billion worth of BTC and becoming a major name in the cryptocurrency world. Saylor himself is a vocal advocate for Bitcoin, often appearing in media interviews. Unfortunately, these appearances are sometimes clipped and misused in scam videos spread across YouTube.
Matt Groh from the MIT Media Lab’s Affective Computing Group suggests a proactive approach to combat these scams. He advises using intellect and skepticism, emphasizing the importance of double-checking and thoughtful consideration to avoid falling prey to such deceptive tactics.
You have to be a little skeptical, you have to double-check and be thoughtful — Matt Groh
The evolution of these scams to incorporate AI and deepfake technology has made them increasingly challenging to detect. Even YouTube struggles to keep pace with the rapid advancement of these fraudulent schemes. This evolution highlights the urgent need for vigilance in the crypto community.
As the technology for creating fake content, including AI-generated videos and voice cloning, becomes more accessible, the risk of falling for such scams increases. It’s crucial to remember the old adage: if it seems too good to be true, it probably is. In the digital age, especially in the volatile crypto market, verifying information is more important than ever.
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