Elon Musk Faked Crypto Giveaway: Shock as Users Discover It’s an AI Scam

An AI-generated Elon Musk faked crypto giveaway video live-streamed on YouTube, promoting fraud and directing viewers to a dubious website.

The video, which was later removed, streamed for five hours on a Sunday, mimicking footage from a Tesla event. In the latest crypto news, Engadget reported that the video featured an AI-generated voice of Elon Musk, advising viewers to visit a specific website. He instructed crypto investors to deposit Bitcoin, Ethereum, and Dogecoin to join the giveaway. The video assured viewers that the website would “automatically send back double the amount of the cryptocurrency you deposited.” At one point, the video had over 30,000 viewers, propelling it to the top of YouTube’s Live Now recommendations.

Warnings from the Crypto Community

Members of the crypto community swiftly warned users after this cryptocurrency update on X to beware of the crypto YouTube scam. One user noted the scam’s convincing nature, citing “the current advancements in artificial intelligence and deepfake technology.” Another user urged YouTube to take action against this “serious crime,” detailing how the livestream depicted Elon Musk allegedly saying, “scan the on-screen QR code, deposit any amount of cryptocurrency, and you will receive double the amount back.”

Previous Scams Involving Deepfakes

A recent cybersecurity report disclosed that over 35 YouTube channels had live-streamed a deepfake video of Elon Musk last month. These videos promoted high-yield crypto scams, targeting space enthusiasts excited to watch the SpaceX starship rocket launch. Over the years, crypto scams and fake promotions targeting Musk’s followers on social media have been a recurring problem. For example, in October 2023, another deepfake of Elon Musk promised 30% returns on deposits, urging users to invest in the BitVex trading platform.

Crypto scam promotions are not confined to Elon Musk. Recently, rapper 50 Cent’s X account was hacked to execute a multimillion-dollar memecoin scam. The scammer managed to earn $3,000,000 in just 30 minutes. “My Twitter & Thisis 50.com was hacked. I have no association with this Crypto,” the rapper posted on Instagram. “Twitter worked quickly to lock my account back down. Whoever did this made $3,000,000 in 30 minutes.”

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Elon Musk Faked Crypto Giveaway and Unlocked Threats

The cryptocurrency news with the AI-generated deepfake video of Elon Musk livestreamed on YouTube showcases how advancements in artificial intelligence and deepfake technology can facilitate sophisticated scams. This particular video pushed a fraudulent crypto giveaway and directed viewers to a shady website. Scams like the Elon Musk faked crypto giveaway are increasingly common, exploiting the trust and popularity of well-known figures like Musk.

The Responsibility of Social Media Platforms

The ongoing issue of scams like the Elon Musk faked crypto giveaway highlights the need for social media platforms to enforce stricter regulations and respond more swiftly to fraudulent activities. Although YouTube promptly removed the video, the incident underscores the challenges these platforms face in preventing such scams from reaching large audiences. With the potential for significant financial losses, it is essential that platforms develop more robust methods to detect and eliminate deepfake content before it causes harm.

Conclusion

The emergence of deepfake technology has introduced new risks, particularly in the realm of online scams, following this crypto update. The recent AI-generated deepfake video of Elon Musk livestreamed on YouTube, promoting a fraudulent crypto giveaway, is a stark reminder of these dangers. As scammers continue to exploit advancements in artificial intelligence, it is crucial for both individuals and platforms to stay vigilant. According to The BIT Journal, the recurrence of incidents like the Elon Musk faked crypto giveaway highlights the ongoing struggle against fraudulent activities in the digital age.