Criminals Use Elon Musk’s Deepfake Video To Dupe Crypto Investors, Crypto Market Rises

Criminals reportedly used Tesla CEO Elon Musk’s face and voice to create a deepfake video in order to dupe crypto investors.

What the criminals did was create a fake crypto exchange called ‘BitVex’ and used Elon Musk’s deep fake video as a propaganda tool and promised investors up to 30 per cent returns.

Related articles

Polkadot Price Likely to Crash xx% Despite Recent Protocol Upgrade

30 July 2024

Here’s Why UNI and Polkadot (DOT) Holders Are Flocking To Rollblock

28 July 2024

Deepfake cyber hacks are on the rise. Click here to read more about it and how to stay safe.

Meanwhile, the global crypto market capitalisation went up by 2.27 per cent to $1.29 trillion as of 9.10 am. However, the global crypto volume was down by 13.84 per cent to $71.99 billion as per Coinmarketcap data.

Elon Musk deep fakes promote new cryptocurrency scam – @LawrenceAbramshttps://t.co/2EkZibNm57

— BleepingComputer (@BleepinComputer) May 22, 2022

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $30,066.39, higher by 2.86 per cent in the last 24 hours. Ethereum (ETH) was up by 1.14 per cent to $2,009.67. 

“Bitcoin dominance is on a high currently. Traders seem to be preparing for another altcoins season. At the moment, technical indicators appear to be neutral and upside will most likely be limited from here,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was up by 1.45 per cent at $0.5284, Solana (SOL) was trading with a gain of 0.42 per cent at $50.01, Polkadot (DOT) was up by 2.01 per cent at $10.23, and Binance Coin (BNB) was up by 3.07 per cent at $335.37. However, Algorand (ALGO) was trading with a loss of 0.76 per cent at $0.4162.

ADVERTISEMENT

Today’s top gainer was Sweet SOL (SSOL), which was up by 562.82 per cent at $0.000000722. The top loser was LUNA DOGE TOKEN (LDT), which was down by 91.4 per cent at $0.000005656. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 0.26 per cent at $0.08397. Its volume to market cap ratio stands at 0.04237. Rival Shiba Inu (SHIB) was down by 0.08 per cent at $0.00001185.

Dogelon Mars (ELON) gained 0.11 per cent to trade at $0.0000004921, Floki Inu (FLOKI) lost 0.32 per cent at $0.00001025 and Samoyed Coin (SAMO) gained 1.98 per cent at $0.005891. 

 

In the DeFi segment, YFI (yearn.finance) was up by 1.33 per cent at $9,191.46, and Terra (LUNA) was trading with a gain of 4.9 per cent at $0.0001752. Avalanche (AVAX) was up by 0.91 per cent at $29.49, Uniswap (UNI) was trading with a loss of 0.12 per cent at $5.72 and Aave (AAVE) was up by 6.55 per cent at $105.27.

Latest Update

Cyber criminals also hacked several other YouTube channels, including an Arabic gaming channel to continue spreading this deep fake video. 

Bleepcomputer.com investigated the video segment by segment and found it to be completely fake. They also found out that the website Bitveg.org listed Elon Musk’s, Cathie Woods of ARK Invest and Changpeng Zhao CEO of Binance praising them and even applauding their efforts. All of this was fake too. 

Criminals have become more advanced in executing cyber attacks, click here to know more about how you can protect yourself from online fraud.