How scammers are using AI and deepfakes to steal your crypto assets

Deepfakes, false promises of high returns… Many scams abound in the crypto world.

Beware of scams in the crypto world. According to a report published on June 7 by Elliptic, a British company specializing in blockchain analysis, scammers are increasingly using deepfakes, via images or via voices generated by AI, to make scams linked to cryptocurrencies or increasingly convincing Web3 projects.

While “classic” deepfakes, with voice or face change, are often published on sites such as TikTok and X (formerly Twitter), other scams include the use of AI to simulate certain aspects of a “company” in the cryptocurrency sector in order to make them more authentic. In 2022, for example, former Binance CCO Patrick Hillmann was targeted by deepfake scammers who used his image to try to defraud potential victims in the cryptocurrency industry.

Fake AI-based trading platforms promising high returns are also scams. These sites offer to turn your money into real loot in just a few weeks. Victims are then lured by promises of easy money, invest, and end up losing their money because the site no longer allows them to withdraw their winnings.

How do I check if I’m being scammed?

To check if a video, for example, is a deepfake, several things need to be checked. First, you have to look if the movements of the lips and voices synchronize, make sure that the shadows appear where you expect them and check that the blinking of the eyes seems natural for example.

Then, you also need to do your research about a project to know if it is authentic and trustworthy. If the source seems suspicious to you, the project is probably a scam.

For platforms offering you to exchange or trade cryptocurrencies, you can check on the AMF website whether they are registered as PSAN (which is mandatory) here. You can also consult this other AMF page which is a regularly updated blacklist of fraudulent sites.