Elon Musk Deepfake Videos Were Used For Crypto Scam

A Deepfake video appeared on YouTube, attempting to defraud cryptocurrency users by impersonating Elon Musk. At its peak, the video attracted 30,000 concurrent viewers. The strategy of hacking into the social media accounts of famous companies or public figures and scamming their followers is now very common. The video appeared to show Elon Musk speaking at a Tesla event, where he instructed users to click a website link and deposit their Bitcoin, Ethereum, and Dogecoin into the website’s digital wallet. This AI-generated “Musk” claimed that users would receive double the amount of cryptocurrency they deposited in return.

Image source: Engadget

Reports indicate that the video was posted from an account that appeared to belong to Tesla, and it even had the official YouTube artist channel verification badge. Media outlets believe that the Tesla account may have been hacked and used to publish the Deepfake video. With the advancement and increased availability of video AI generation technology, Deepfake videos have become so realistic that it is challenging for regular individuals to tell if they are real, making it even harder to prevent fraud, infringement, or political manipulation.

It is unclear how many people deposited cryptocurrency into the fake Musk-recommended website because of the Deepfake video. However, reports indicate that the video was live on YouTube for approximately five hours before being taken down, with a peak of 30,000 concurrent viewers.

Elon Musk’s popularity has made him a frequent target for fraudulent schemes, especially since he is a supporter of cryptocurrency. Dogecoin gained immense popularity due to his support. In 2020, Twitter experienced a hack that resulted in the unauthorized use of accounts of well-known individuals such as Bill Gates, Elon Musk, and Warren Buffett to promote Bitcoin investment scams.

Learn more about Deepfake fraud and how to prevent it.