Caution: Misleading Deepfake Elon Musk Livestream Scam
Following the conclusion of the Bitcoin 2024 event, a troubling scam emerged in the form of a deepfake Elon Musk 'double-your-money' scheme on YouTube. This deceptive strategy, disguised as the official Bitcoin 2024 livestream, has duped unsuspecting individuals into surrendering their cryptocurrency assets.
During the weekend, numerous deepfake livestreams featuring Elon Musk circulated, with one video alone accumulating over $28,000 in bitcoin, ether, and dogecoin.
Deceptive videos claiming to be the official Bitcoin 2024 conference livestream have been proliferating on YouTube. These fabricated streams feature an AI-generated deepfake of Elon Musk, creating the illusion that he has been continuously live streaming for 72 hours.
The fake portrayal of Musk shows him delivering a speech on stage, potentially convincing viewers of its authenticity. The scam, titled 'Bitcoin 2024 Conference Nashville! Donald Trump & Elon Musk Speech – General Day 2,' falsely associates itself with Bitcoin Magazine and purportedly includes Michael Saylor from Microstrategy, although it solely repeats the Musk deepfake with Tesla logos in the background.
Operating under the guise of a 'double your money' scheme, the scam lures users to send bitcoin, ether, dogecoin, or tether (USDT) with the promise of doubling the amount sent. However, the scammers retain the funds without fulfilling their promise. The deepfake Musk reassures users that regardless of the amount sent, double the sum will be returned.
This serves as a stark warning that any offer to double cryptocurrency funds by requesting transfers to a wallet is a fraudulent scheme. Several fake livestreams were detected over the weekend, accepting deposits in BTC, ETH, DOGE, and USDT, although no tether was transferred to the scammers.
Through blockchain analysis, it was confirmed that fraudsters received 0.322 BTC, 2.026 ETH, and 374.63 DOGE from unsuspecting victims, amounting to $28,586. The total earnings from other streams remain undisclosed, highlighting the challenge of prompt removal by YouTube compared to 'misinformation' videos.
Despite the scam being widely noticed and potentially reported, as of Sunday, July 28, at 4:25 p.m. EDT, the fake livestream continues with a fabricated Musk on stage and erroneously claims to have 91,000 viewers, a likely manipulated statistic.
Michael Dunworth, a Bitcoin advocate, raised awareness about this scam on X, cautioning the crypto community against falling prey to such fraudulent schemes. He highlighted the deceptive nature of the fake live stream and the significant viewership numbers that are likely fabricated. Vigilance is paramount in safeguarding against such malicious tactics.
