Deepfakes Accelerating Crypto Scams on Twitter + More Crypto News
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Online crypto fraud has increased in recent months due to the lack of moderation on Twitter and the use of artificial intelligence (AI).
El País reported that by the end of 2023, it had become impossible to be on Twitter without seeing false newspaper articles quoting celebrities as saying things they never said.
Ruth García, a Spain’s National Cybersecurity Institute (INCIBE) technician, explained that people easily fall victim to deepfakes as they become increasingly sophisticated.
“In general terms, we are identifying an increase in publications whose purpose is to misinform. But surely the most problematic aspect is the appearance of deepfakes, because they are more difficult to identify.”
The report said impersonating media outlets and falsifying news became popular during the crypto boom. Twitter, in particular, is “the perfect breeding ground” for deepfake crypto scams to “proliferate again.”
As soon as Elon Musk took over, he fired content moderators and reinstated fraud- and hate-speech-related accounts. This resulted in many well-known companies pulling the plug or drastically reducing advertising on this social media site, leaving room for advertisers promoting scams.
Alberto Redondo, head of the Spanish Civil Guard’s criminal cyber-intelligence group, said that the scam campaigns are cyclical and within the scheme of false investments.
The biggest scam currently in circulation is being carried out by very well-organized and serious criminal groups.
The scam works in phases: one group seeks victims on social media, promising crypto investment gains.
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