Deep fakes of Elon Musk are being used to promote a scam trading platform

The Chief Executive Officer of Tesla, Elon Musk, and other famous virtual currency influencers are being used by digital currency scammers. The scammers are using a deep fake video effect (created based on AI-based computer software) of these personalities in an attempt to advertise a trading platform, but with malicious intentions.

The shady trading platform, Bit-Vex, has been portrayed as if it is owned by Tesla's CEO, who introduced this platform so users can make almost thirty percent on virtual currency deposits.

Other famous personalities being targeted by the scammers include Cathie Wood, Charles Hoskinson, and Michael Saylor. The fake videos were created based on the interviews available on YouTube with these figures. The sound has been adjusted to fit it in with the Bit-Vex description.

A reference video is also available on multiple social and video sharing applications in which a deep fake of Elon Musk is asking his followers to support the scam platform as he invested half a billion dollars in it. But, a careful inspection of the clip can reveal the out of sync movement, which shows that the video is forged.

Other reasons to believe that it is all part of a scam is that many live streaming channels and other accounts on YouTube recently got taken over. The attackers used these channels to advertise Bit-Vex via Shorts.

The site itself can reveal that it is a scam. According to the website, Elon Musk is also the CEO of Bit-Vex and is also supported by other similar groups such as Binance and Ark Invest. The layout of the site seems realistic with all the withdrawal and investment information and charts available. However, these charts and the data displayed on the site are a part of the con itself. As the values are being programmed to change after a certain period of time with the help of JavaScript,

Such scams are not new; using free giveaways and sharing different schemes is another way for these scammers to target the victim. Scammers can make millions with such ideas, as they recently used Art Investment to lure people into the scam and made 1.3 million dollars, according to the FTC. Since October 2020, 80 million dollars have been stolen with the help of scams. This is why a thorough checkup and investigation before investing is very important.

H/T: BC.

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