Musk deepfake causes crypto concern

By Scoop
June 6, 2022 · less than 3 min read

Elon. Crypto. Deepfakes. A little too on the nose for a Scoop story, don’t you think?

Vexed by BitVex

Scammers are getting better, and it’s something we all need to be aware of. Gone were the days of amateur calls or emails about some long, lost relative owing you millions of dollars. Oh, no. These days, the bad guys are using far more advanced maneuvers to get their hands on your cash – and crypto is the order of the day.

Deepfakes aren’t exactly a brand-new issue. They’ve been problematic for a while, and even though the dude from Instagram who pretends to be Tom Cruise is kind of funny, there is a seriously sinister side to deepfakes – and it’s rarely been more prevalent than in a recent crypto scam, which saw a deepfaked Elon Musk appearing to promote BitVex. Spoiler: there is no BitVex.  

“Yikes. Defo not me”

The video circulated online for a few days before Musk himself confirmed on Twitter that the video wasn’t real. And while it was no doubt a “yikes” for him, he was by no means the biggest loser in the deepfake scam. According to reports, the BitVex website secured $1,700 of deposits. So someone is out of pocket thanks to the scam.

Obviously, that sum isn’t enough to cause widespread chaos. A mere drop in the ocean in the crypto world, for sure. But the concern isn’t really the $1,700 sum – it’s the implication (sorry to go full It’s Always Sunny, there…). If deepfakes are only going to get more sophisticated, could the time come when thousands buy into stocks or shares – only to realize we’ve been hoodwinked by a deepfake of Warren Buffett? The message is clear: don’t believe everything you see on the internet.

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