The latest crypto news has captured numerous cases of deepfake crypto scams, which have disturbed investors and caused a slight loss of interest in investing in digital assets. Research by Bitget points out the degree to which this has disturbed the market. According to the Bit Journal, this has led to financial losses that have caused a shrinkage in the crypto community. Top assets like Bitcoin and Ethereum BTC ETH escape such cases of deepfakes. However, attempts have been made. These deepfakes include videos of celebrities endorsing scam coins.
Increasing Sophistication and Financial Losses
In a crypto update, Bidget’s research report showed a spike in the amount of deepfake content in the crypto world. The data at Bidget reveals an alarming percentage of instances where deepfake technology was employed to bamboozle investors and traders. The data showed that the use of malicious technology and deepfake tools has surged by 245% in 2024.
The fraudulent activities employ fake videos and tweets from celebrities, which have a certain level of sophistication, thanks to these sophisticated technologies. Deepfake crypto scams have become commonplace in the industry, and experts are investing efforts to dispel them by offering the community tips and guidelines that shield them from any deepfake crypto scam.
Degree of the Problem
Deepfake technology, which alters photos and videos to create hyper-realistic fake content, plays a major role in promoting fraud schemes. According to the report, users have lost $79.1 billion in cyberattacks involving deepfakes since the beginning of 2022. Losses are increasing every year; in 2024, the amount more than doubled, showing a significant increase of 245%. Bitget estimates that the potential damage from deepfake fraud could reach $10 billion per quarter by 2025.
Bidget Issues a Statement Through the CEO’s
Regarding the Bidget report, Gracy Chen, the CEO, passed the following remark:
“Deepfakes are rapidly entering the crypto sector, and without proper education and awareness, there is little we can do to stop them. Users’ vigilance and ability to distinguish fraud from genuine offers remain the most effective line of defence against such crimes until a comprehensive legal and cybersecurity framework is established globally.”
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The crypto update emphasizes the need for the crypto community to stay vigilant and watch out for suspicious offers that lack transparency or validation from regulatory bodies.
Deepfake Crypto Scams – Strategy and Impacts
As highlighted in the latest crypto news from The Bit Journal, the main tools used for these deepfake crypto scams are social media engineering and bot-engineered fraud. These methods account for 14.21% of the types of deepfake scams in the first quarter of 2024. The loss attached to these methods amounted to a whopping $2.03 billion. The analysis by The Bit Journal points out that if care is not taken, deepfake crypto scams will surge to 70% in 2026. This shows a pressing need for intensifying cybersecurity measures to protect investors and traders.
Targeted Scams
A crypto update shows that scammers have made high-profile entrepreneurs their main targets. On June 23, Elon Musk jumped on YouTube to promote a cryptocurrency scam; this five-hour livestream was nothing more than a scam. This has led to similar scams that have led to the loss of a significant amount of digital assets.
A Tesla event was generated using AI, using Elon Musk’s voice to lure users to a website. The scam was aimed at getting users to invest in Bitcoin, Ethereum BTC ETH, and Dogecoin (DOGE). A crypto update covering this issue highlighted that the scam promised users to double whatever they invested. A lot of Bitcoin and Ethereum BTC ETH was lost through this scam.
In Brief – Deepfake Crypto Scams
The latest crypto news shows a 245% increase in deepfake crypto scams in 2024. The crypto update showed that investors and traders have lost $79.1 billion in deepfake cyberattacks. This has caused serious concern in the crypto community, which has led to a slight disinterest and withdrawal. The research shows that the damage of these scams could sum up to $10 per quarter by 2025. Deepfakes commonly use coins like Bitcoin and Ethereum BTC ETH. Investors are advised to be cautious.
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