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Elon Musk Deepfake Promising Wild Crypto Gains Scams Investors on YouTube

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By Christian Webster - - 5 Mins Read
Photo of Tesla CEO Elon Musk
Elon Musk | fotocuts / Shutterstock


In a surprising online scam, deep fake videos featuring Tesla CEO Elon Musk fooled thousands of people on YouTube.

The scam revolved around an AI-generated video that convincingly imitated Musk's appearance and voice, deceiving viewers into believing it was a real occurrence.

Over the weekend, a five-hour livestream on YouTube featured a convincing deepfake of Elon Musk.

In this video, the AI-generated Musk announced a "revolutionary" Tesla event and a "generous cryptocurrency giveaway."

Viewers were told to send their Bitcoin, Ethereum, or Dogecoin to a specific address with the promise of doubling their investment instantly. This seemed like a golden opportunity for quick financial gain but was a well-crafted trap.

The scammy livestream used an eerily realistic AI-generated voice and a convincing backdrop of a Tesla event.

The production quality was high, and the account appeared verified, which made the whole scenario credible.

This scheme wasn't an amateur effort; it was carefully orchestrated to take advantage of crypto fans who knew about Elon Musk's raving craze for crypto.

Although the video and the account have been removed from YouTube, they have already caused significant harm.

Rising Trend of Celebrity Deepfake Scams

This incident is not isolated. Digital fraud targets high-profile individuals, especially those with large social media followings.

Four years ago, Apple co-founder Steve Wozniak fell victim to a similar "Bitcoin scam."

Scammers used his image in livestreams to steal from innocent people.

Earlier this week, Bitcoin scammers also hacked rapper 50 Cent’s social media account and website to promote a fake cryptocurrency called ‘$GUNIT,’ making $3 million in just 30 minutes.

Even the beloved Spiderman actor Tom Holland got caught on the web after his X account was infiltrated to promote a fake crypto token.

The technology powering these deepfakes is highly advanced, making it challenging for even astute viewers to detect any discrepancies.

Vigilant viewers reported the fake Elon Musk video, but only after it had amassed over 30,000 viewers in around 5 hours.

Many of these viewers could have fallen victim to the scam, highlighting the need for better security measures and increased awareness.

As deepfake technology advances, detecting and combating scams becomes more challenging.

The YouTube deepfake featuring Musk highlights the need for ongoing education about these threats and the importance of skepticism in the face of seemingly incredible opportunities.

At the moment, social media platforms and video hosting sites such as YouTube are facing mounting pressure to improve their security measures and verification processes.

While algorithms are being developed to identify deepfakes, keeping pace with technological advancements is no easy task.

In the meantime, it's crucial for individuals to remain vigilant and skeptical of content that appears too good to be true.