A recent live stream, which peaked at over 30,000 viewers, utilized semi-pixelated videos of Elon Musk to promote a fraudulent cryptocurrency giveaway. The stream lasted five hours over the weekend and featured an AI-generated version of Musk’s voice, urging viewers to deposit cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) on a specific website with the promise of doubling their contributions.
The fraudulent live stream was hosted by an account named “@elon.teslastream,” which posed as Tesla and had a verification badge, misleading viewers about its legitimacy. Google acted swiftly to remove both the video and the channel after the scam was reported.
The deceptive live stream occurred over the weekend, but the exact date is not specified. It is part of a series of similar incidents that have taken place in recent months, highlighting an ongoing issue with AI-generated scams.
The scam was broadcasted on YouTube, a popular platform for live streams and videos, where scammers have increasingly utilized AI technology to mimic high-profile individuals and deceive viewers.
The primary goal of the scam was to exploit unsuspecting viewers by promising them substantial returns on their cryptocurrency deposits. This type of scam leverages the credibility and influence of well-known figures like Elon Musk to lure victims into parting with their digital assets.
Scammers used AI technology to create a convincing deep fake of Elon Musk, incorporating his semi-pixelated image and an AI-generated voice. The stream encouraged viewers to visit a fraudulent website and make crypto deposits with the promise of receiving double the amount in return. This method has been increasingly popular among scammers, as it effectively exploits the trust people have in public figures and the allure of quick financial gains.
This incident is part of a troubling trend in which AI-generated videos are used for crypto scams. Previous instances include a surge of Space X giveaway scams on April 8 and a warning issued by the Hong Kong Securities and Futures Commission (HKSFC) on May 8 about a fake crypto exchange platform using similar tactics. According to a recent Elliptic report, the proliferation of AI in crypto scams poses a significant threat to both AI’s credibility and the broader cryptocurrency industry.
