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Cryptocurrency Scammers Targeted Elon Musk with Deepfake Technology

Scammers used deepfake videos of Elon Musk and other crypto figures to promote a fake BitVex trading platform. See how the scam worked and how to avoid it.

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How did the Elon Musk deepfake scam start?

What did the fake BitVex platform look like?

How common are crypto investment scams and how can you avoid them?

An Elon Musk deepfake scam used fake videos of Elon Musk and other crypto advocates to promote BitVex, a fake trading platform. The post says threat actors posted the videos on fake YouTube accounts in early May 2022. It adds that the platform is known to hijack the currency that visitors deposit. A deepfake replaces a person in an existing image or video with another person’s image.

Cryptocurrency scammers have been found to use the Deepfake video content of Elon Musk and other leading cryptocurrency advocates to promote a fake BitVex trading platform. The fake BitVex platform, allegedly owned by Elon Musk by threat actors, is known to hijack the currency deposited by visitors. The scam campaign started when threat actors created fake YouTube accounts to host Deepfake-generated videos of Elon Musk, Cathie Wood, Brad Garlinghouse, Michael Saylor, and Charles Hoskinson in early May 2022. Deepfake is a technology in which a person in an existing image or video can be replaced with another person’s image using artificial neural networks. In these videos, it is stated that Elon Musk introduced the fake BitVex platform created by fraudulent activities and invested $ 50 million in the platform. When the interviews conducted in the videos are examined, it is understood that Elon Musk’s voice was changed by simulating to promote the BitVex trading platform, but many different findings reveal that this is a fraudulent activity. The fake BitVex platform allegedly contains and references endorsements by Elon Musk and Cathie Wood, CEO of investment firm Ark Invest, and Changpeng Zhao, CEO of Binance. Users who want to use the BitVex platform must open an account at bitvex[.]org or bitvex[.]net to access the investment platform. After logging into the platforms, a relatively legitimate-looking dashboard is displayed where users can deposit various cryptocurrencies, choose an investment plan or withdraw their earnings. The perpetuation of such fraudulent activities by threat actors has become quite common and profitable. In 2021 the FTC (Federal Trade Commission) warned that since October 2020, more than $80 million had been lost to cryptocurrency investment scams. That figure dates from 2021, and reported losses have kept growing since.
How the BitVex scam runs, as the post describes it
  1. Fake accounts post videosThreat actors made fake YouTube accounts hosting deepfake videos in early May 2022
  2. Videos promote BitVexThey say Elon Musk introduced the platform and invested $50 million in it
  3. Victim opens an accountSign-up is on bitvex[.]org or bitvex[.]net, with a legitimate-looking dashboard
  4. Victim deposits cryptoUsers deposit currency and choose an investment plan
  5. Deposit is lostThe platform is known to hijack the currency deposited
In this context, to not be the target of similar campaigns, crypto money users need to verify the validity of the crypto wallet application to be used before investment transactions. The simplest method for the verification process is to perform transactions with only a small amount in practice. Crypto scammers often use social media to promote their fraudulent schemes, as in the case under consideration. For this reason, it is recommended not to be trusted when faced with crypto opportunities promoted on social media.

Frequently Asked Questions.

What is the BitVex scam?

The post describes BitVex as a fake trading platform promoted with deepfake videos of Elon Musk and other crypto advocates. It says the platform is known to hijack the currency that visitors deposit.

Did Elon Musk really promote BitVex?

No. The post says the videos were deepfakes, with Musk's voice changed by simulation, and that the platform is a fraudulent activity.

What is a deepfake?

A deepfake is a technology in which a person in an existing image or video is replaced with another person's image using artificial neural networks.

How much money have people lost to crypto investment scams?

In a May 2021 release the FTC said consumers reported losing more than $80 million to cryptocurrency investment scams since October 2020. It also reported more than $2 million lost to Elon Musk impersonators alone.

How can you avoid a fake crypto platform?

The post advises verifying the platform before investing. The FTC adds: search the company and coin name with 'review', 'scam' or 'complaint', and be wary of guaranteed returns and big payout promises.

Sources

  1. 1 FTC: FTC Data Shows Huge Spike in Cryptocurrency Investment Scams
  2. 2 FTC Consumer Advice: Spotting cryptocurrency investment scams
#crypto #cryptocurrency #deepfake #elon musk
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