Michael Saylor uses his appearance to warn people about cryptocurrency fakes.

adminJanuary 16, 2024

Michael Saylor, founder of cloud software giant MicroStrategy, is a well-known name in the cryptocurrency space these days. He is so well-known for his passion for Bitcoin and the massive amounts of Bitcoin his company, MicroStrategy, has purchased that he has been the target of numerous scams.

Saylor recently warned of a surge in AI-enhanced deepfake scams on X (formerly Twitter), specifically targeting YouTube viewers. These sophisticated scams are designed to scam cryptocurrency by creating very convincing fake content. Saylor’s warning is resolute. There is no safe way to double your Bitcoin instantly, and his company, MicroStrategy, is not involved in such Bitcoin sweepstakes. He highlights the brutal nature of these scams, noting that his team is constantly fighting against around 80 streams of fake AI-generated videos on YouTube every day.

⚠️ WARNING ⚠️ There is no way to double your money without risk. #Bitcoinand @MicroStrategy Do not give up $BTC For people scanning barcodes. Our team eliminates approximately 80 fake AI creations. @youtube Videos are created every day, but scammers keep releasing more. Don’t believe it, check it out. pic.twitter.com/gqZkQW02Ji
— Michael Saylor⚡️ (@saylor) January 13, 2024

What are deepfakes using AI?

Deepfake technology, a shocking by-product of AI advancements, allows us to create eerily realistic videos and images depicting events or speeches that never happened. The technology has become a powerful tool in the hands of scammers who are using it to impersonate high-profile figures in the cryptocurrency world, including Saylor himself. They lure unsuspecting viewers with false promises that they will double their cryptocurrency if they send it to a specific address.

one Report from Global University of London Experts single out manipulated video/audio as the most concerning use of artificial intelligence in terms of criminal applications.

The issue of fraudulent activity in the cryptocurrency industry is not new. In the past, celebrities like Elon Musk have had their accounts hacked to promote similar scams. In one notable case in 2020, a teenager hacked the Twitter accounts of several celebrities, including Musk, and tricked people into sending him more than $100,000 in Bitcoin via fake tweets.

As expected, Generative AI fraud has now emerged. This will improve dramatically within 12-24 months and it will be difficult for anyone to distinguish reality from AI fiction https://t.co/u7uaIEUodt
— Charles Hoskinson (@IOHK_Charles) December 15, 2023

Under Saylor’s leadership, MicroStrategy has made significant achievements in the Bitcoin space, including holding $8 billion worth of BTC and becoming a major name in the cryptocurrency world. Saylor himself is a Bitcoin advocate who frequently appears in media interviews. Unfortunately, these appearances are sometimes cropped and misused in scam videos spread all over YouTube.

Matt Groh of the MIT Media Lab’s Affective Computing Group suggests a proactive approach to combating these scams. He advises using intelligence and skepticism, emphasizing the importance of double-checking and thoughtful consideration to avoid falling for such deceptive tactics.

You have to be a little skeptical, double check and think thoughtfully — Matt Groh

The evolution of these scams to incorporate AI and deepfake technology has made them increasingly difficult to detect. Even YouTube is struggling to keep up with the rapid development of these scams. These developments highlight the urgent need for vigilance for the cryptocurrency community.

As technologies to create fake content, such as artificial intelligence (AI) videos and voice duplication, become more popular, the risk of falling into fraud is also increasing. It is important to remember the old adage: If it seems too good to be true, it probably is. In the digital age, especially in the volatile cryptocurrency market, information verification is more important than ever.