In the ever-evolving landscape of cryptocurrency and cybersecurity, a new challenge has emerged with the proliferation of artificial intelligence (AI)-generated deepfake videos. Michael Saylor, the Executive Chairman of MicroStrategy, is at the forefront of this battle. Saylor, a significant figure in the cryptocurrency domain, has recently disclosed that his team is actively countering approximately 80 fake AI-generated videos daily. These videos, predominantly found on YouTube, are crafted to deceive viewers with Bitcoin-related scams.
Saylor’s revelation came through a post on X, previously known as Twitter, where he cautioned his substantial follower base of over 3.2 million about these deceptive deepfakes. Emphasizing the prevalence of these scams, he alerted that there’s no safe method to double Bitcoin investments, and MicroStrategy never offers Bitcoin giveaways for scanning a barcode.
The Rising Trend of Deepfake Scams in Cryptocurrency
This isn’t an isolated incident in the crypto world. The past year has seen a significant uptick in similar cases involving prominent figures like Elon Musk, where AI-generated content was used to propagate scams. More recently, a deepfake video of Solana co-founder Anatoly Yakovenko made rounds on YouTube and social media platforms, signifying a worrying trend.
Austin Federa, the head of strategy at the Solana Foundation, acknowledged in a discussion with The Verge the noticeable surge in deepfakes and other AI-generated scams. This increase points to a broader issue within the digital security landscape, particularly in the cryptocurrency sector.
Cybersecurity experts have been vocal about the growing threat posed by AI-driven deepfake technology. As AI capabilities advance, so does the realism of these fraudulent videos, making them more convincing and dangerous. Jesse Leclere, a blockchain analyst at CertiK, highlighted the evolving sophistication of phishing attacks, largely driven by generative AI technology. Jerry Peng, a researcher at 0xScope, also noted the potential of AI in crafting increasingly realistic deepfakes aimed at duping crypto users.
Amidst these concerns, U.S. law enforcement officials have recognized the double-edged sword that generative AI represents. While it lowers the entry barrier for potential scammers, AI can also be a potent tool for authorities in tracking and combating illegal activities, as pointed out by Rob Joyce, the director of cybersecurity at the National Security Agency.