The number of crypto scammers targeting naive investors rises in tandem with the rising interest in Artificial Intelligence.

In a disturbing trend, some crypto scammers are now combining the two, using AI to create fake CEOs and other executives in a bid to deceive and swindle potential victims.

On Thursday, the California Department of Financial Protection and Innovation (DFPI) charged five financial services firms with exploiting investor interest in cryptocurrencies by capitalizing on the buzz surrounding artificial intelligence.

Crypto Scammers Use AI To Create Fake CEOs

Maxpread Technologies and Harvest Keeper, two of the companies, are accused of misrepresenting their CEOs by using an actor for one and a computer-generated avatar by the name of “Gary” for the other.

According to the DFPI, the company touted its “profitability” through a promotional YouTube video using an avatar built on Synthesia.io and programmed to read a screenplay.

Scammers like to deceive investors by using phony CEOs, sham algorithms, & Ponzi schemes. Today, we’ve issued desist and refrain orders to five entities/individuals who violated CA securities laws. For more information: https://t.co/gj13z2OE4G#investing #hyip #Cryptonews pic.twitter.com/MXHPYwVIny

— CA Department of Financial Protection & Innovation (@CaliforniaDFPI) April 19, 2023

Synthesia.io is a video generation platform that uses artificial intelligence to create lifelike video content. The platform allows users to create

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Author: Christian Encila

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