Fake Trump-Musk crypto promos drain $20M via AI
Scammers are using AI-generated deepfakes of Elon Musk and Donald Trump to promote fake cryptocurrency giveaways, stealing over $20 million from victims worldwide.
A recent incident involved a YouTube livestream featuring a fabricated endorsement from Musk, directing viewers to teslaearn.io, which falsely promised shares of 1,000 BTC (CRYPTO:BTC) and 10,000 ETH (CRYPTO:ETH) in exchange for deposits.
These deepfake videos, often mixed with real interviews, use QR codes and counterfeit Tesla or political branding to appear legitimate.
According to deepfake detection firm Sensity, such scams cost as little as $10 to produce and are mainly operated by groups in India, Russia, and Eastern Europe.
Hong Kong’s Securities and Futures Commission issued warnings in May 2024 after similar scams exploited Musk’s image.
Gen Digital, the parent company of Norton Antivirus, reported that AI-driven fraud surged in Q2 2024, with groups like “CryptoCore” impersonating figures such as Vitalik Buterin and Michael Saylor.
These scams hijack social media accounts to spread fake livestreams, often promising doubled crypto returns.
“Cybercriminals exploit urgency and trust using AI tools,” said Siggi Stefnisson, Gen Digital’s CTO.
In one case, a deepfake Trump claimed a $20 million giveaway with Musk, directing users to scam websites registered privately through Nicenic.
Analysis revealed that these domains were created on March 12, 2025, with X accounts dating back to 2019 repurposed to spread fraudulent links.
Victims reported losses ranging from hundreds to tens of thousands of dollars.
Authorities note that AI-powered scams now account for 66% of crypto frauds, costing consumers $679 million in 2024 alone.
Deepfakes are eroding trust in digital finance by mimicking well-known figures, while AI chatbots impersonate customer service agents to steal private keys.
Despite a decline in crypto heist profits—down 50% to $1.7 billion in 2023—experts warn that scams are evolving rapidly.
“AI allows scams to adapt faster than security measures,” Stefnisson added.
Users are advised to verify offers through official sources and avoid engaging with unverified social media promotions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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