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. The FTC (Federal Trade Commission) has issued a warning that since October 2020, $80 Million worth of financial losses has been incurred due to cryptocurrency investment scams.
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.
