Here’s how to quickly spot a deepfake crypto scam —cybersecurity execs

12 Jan, 2023

By Ciaran Lyons

The fast-paced nature of the crypto markets means investors are under massive pressure to quickly verify whether a video message is authentic or not.

Crypto investors have been urged to keep their eyes peeled for “deepfake” crypto scams to come, with the digital-doppelganger technology continuing to advance, making it harder for viewers to separate fact from fiction. 

David Schwed, the chief operating officer of blockchain security firm Halborn, told Cointelegraph that the crypto industry is more “susceptible” to deepfakes than ever because “time is of the essence in making decisions,” which results in less time to verify the veracity of a video.

Deepfakes use deep learning artificial intelligence (AI) to create highly realistic digital content by manipulating and altering original media, such as swapping faces in videos, photos, and audio, according to OpenZeppelin technical writer Vlad Estoup.

Estoup noted that crypto scammers often use deepfake technology to creat fake videos of well-known personalities to execute scams.

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