The crypto industry faces a new wave of sophisticated scams, propelled by the misuse of artificial intelligence (AI) and deepfake technology. MicroStrategy CEO Michael Saylor has recently warned the market of this alarming trend.

Saylor’s announcement comes after numerous reports of fake AI-generated videos. These deepfakes, designed to defraud, have been proliferating on different platforms, duping unsuspecting victims into sending Bitcoin to scammers.

The Rise of Deepfake Crypto Scams

Michael Saylor’s warning comes after several reports about AI-generated deepfake videos. He was falsely depicted promising to “double people’s money instantly.” These fake advertisements encouraged viewers to scan a QR code and send Bitcoin to the scammers’ addresses.

One such deepfake video of Saylor even surfaced on YouTube, leading to growing concerns among users and industry watchers.

In a firm response, Saylor clarified, “There is no risk-free way to double your Bitcoin,” and emphasized that “MicroStrategy doesn’t give away BTC to those who scan a barcode.” He also revealed the staggering number of deepfake videos his team takes down daily, averaging around 80, falsely depicting him making fraudulent crypto promises.

Read more: Crypto Social Media Scams: How to Stay Safe

This issue is not isolated to Saylor. In recent months, similar deepfake scams have targeted other high-profile figures in the crypto market, including Ripple CEO Brad Garlinghouse, Cardano founder Charles Hoskinson, and Solana co-founder Anatoly Yakovenko. These incidents underscore the increasing sophistication of deepfake technology and its potential misuse.

The rise of AI-generated misinformation and deepfakes poses significant challenges.

AI Misinformation Is a Growing Threat

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Author: Bary Rahma

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