The rise of the cryptocurrency market due to the US Election creates a new scam-style.

A Moscow-based cybersecurity company, FACCT (Fight Against Cybercrime Technologies), has alerted the public about a new scam involving deepfake technology and cryptocurrencies. 

Fraudsters are reportedly using a bot to create fake video and audio clips featuring well-known figures, including Donald Trump, Elon Musk, and Tucker Carlson, to promote fraudulent crypto schemes.  

Deepfake Scam Targets Social Media Platforms  

FACCT revealed that the bot allows users to generate deepfake videos by combining the likeness and voices of famous personalities with customizable text (up to 400 characters). 

Designed primarily for English-speaking audiences, these videos are being used to advertise fake cryptocurrency exchanges. The scams are spreading across platforms like TikTok, YouTube, and other social media networks.  

Read more: China Dual Citizen Daren Li Organizing $73 Million Crypto Fraud Schemes

Three Common Crypto Scams Identified  

The security firm outlined three main crypto scams gaining traction:  

1. Fake Exchanges and Brokers: Fraudsters lure victims into transferring their crypto to fake wallets, only to disappear with the funds.  

2. Crypto Predators: These involve malicious links that download software to steal access to victims’ wallets.  

3. Scam Tokens: Tokens or coins that users can purchase but are unable to sell, leaving them with worthless assets.  

Rising Threat of Crypto Scams  

FACCT’s findings align with warnings from Russia’s Central Bank, which has reported a surge in crypto-related scams this year. In addition to traditional schemes, scammers are increasingly exploiting interest in the digital ruble, Russia’s upcoming central bank digital currency (CBDC), to defraud citizens.  

Final Thoughts  

The emergence of deepfake technology in crypto scams is a concerning trend, as it adds a layer of credibility to fraudulent schemes. Public awareness is critical in combating these threats. Always verify the authenticity of cryptocurrency platforms and avoid engaging with unsolicited offers, especially those involving high-profile figures.