Binance founder Changpeng ‘CZ’ Zhao has issued a warning about the growing threat of AI-generated deepfake videos circulating online.
He took to social media to alert his followers about fake videos showing him endorsing various cryptocurrencies, emphasizing that he has no involvement with the coins being promoted.
In a recent post on X, Zhao explained that these AI-driven deepfakes are misleading viewers into believing he is backing projects he has never supported. He urged the crypto community to be vigilant against such scams, as deepfakes are becoming more prevalent with advances in artificial intelligence.
These videos are created using deep learning algorithms that can fabricate realistic footage of individuals, making them say or do things they never actually did.
The issue of AI-powered scams extends beyond just Zhao, as the crypto world faces increasing concerns about the misuse of this technology. Scammers are using AI to produce fake content that deceives investors and tarnishes the reputations of key figures in the industry.
Ripple CEO Brad Garlinghouse has also highlighted the rise in deepfake scams, pointing out instances where videos of him were manipulated to promote fraudulent products. Ripple has issued several warnings, advising consumers to be cautious of fake accounts impersonating the company.
According to CNBC, Horst Jiha, a German citizen who was under house arrest after being accused of running a $150 million cryptocurrency fraud scheme, has disappeared.
Security experts have reported a significant phishing attack that led to the loss of 15,079 Few Wrapped Duo ETH (fwDETH), valued at around $35 million.
Heather Morgan, also known as the rapper “Razzlekhan,” is facing an 18-month jail term as U.S. prosecutors pursue charges related to her involvement in laundering 120,000 BTC.
On October 10, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Cumberland DRW, accusing the firm of operating as an unregistered dealer.