Cryptocurrency investors face a surge in scams using AI-generated deepfake videos, impacting platforms such as Youtube and X. Notable figures like Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor have been targeted. Saylor recently warned about fraudulent deepfake videos on Youtube depicting him and Microstrategy giving away Bitcoin. Cautioning followers, he emphasized the absence of a “free lunch” in such schemes.
⚠️Warning⚠️ My security team has been taking down one AI generated deepfake video featuring me, @MicroStrategy, and #Bitcoin trading & giveaway scams on @YouTube every 15 minutes. Be careful out there, and remember there is no such thing as a free lunch. pic.twitter.com/KpklvOxtlH
— Michael Saylor⚡️ (@saylor) January 5, 2024
Recently, a video surfaced featuring a deepfake of Michael Saylor, the executive chairman of MicroStrategy, encouraging viewers to send him Bitcoin with the promise of doubling the amount. In the fabricated video, Saylor also asserted that the approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) would propel the price of BTC to an astonishing $1 million. The video, which presents a false narrative, leads viewers to a scam website that claims to host the “biggest crypto giveaway,” boasting a pool of 1,000 BTC and 10,000 ETH. The deceptive website lures participants with the promise of immediate involvement, emphasizing limited spots available and no prerequisite crypto knowledge.
The website details the supposed event, stating, “During this unique event, you have the opportunity to take a share of 1,000 BTC & 10,000 ETH. Have a look at the rules and don’t miss out on this. You can only participate once!” The deepfake Saylor, generated by artificial intelligence (AI), encourages investors to scan the QR code displayed on their screens, perpetuating the fraudulent scheme.
In a separate development, Michael Saylor disclosed his plan to sell $216 million worth of MicroStrategy’s shares, intending to reinvest the proceeds into Bitcoin for his personal holdings. While the exact amount of BTC in Saylor’s possession has not been recently disclosed, he previously mentioned in October 2020 that he personally owned 17,732 BTC. Meanwhile, MicroStrategy, the software intelligence firm chaired by Saylor, publicly reported holdings of 189,150 Bitcoin as of December 2023. This revelation adds context to Saylor’s actions in the context of his ongoing involvement with Bitcoin and MicroStrategy’s strategic approach to cryptocurrency holdings.
Raksha, a seasoned journalist, specializes in crafting insightful narratives on blockchain and AI developments. With a keen eye for innovation, she distills complex topics into accessible stories, providing readers with a clear understanding of the dynamic intersection between these transformative technologies.
