SBF Deepfake Scamming Adds To Losses

In today's edition of YIYL, (You Invest, You Lose) we start to circle the dumpster fire that is FTX. The company that went tits up recently claims to have around 4 million customers worldwide so plenty of individuals have been affected by the ability to not move their money or access it in any way shape or form.

Many are desperate for answers and are willing to listen to anyone who will give them some positive news. A situation that can be exploited, as greed and desperation are powerful emotions. The majority of people who get into shitcoins are looking to make a quick buck and secure wealth without work. Having a cohort of easily manipulated people who fell for one scam means they are likely to fall for scams in the future.

Twitter, a deepfake and impressionable idiots

And that's just what one scammer did, the YouTube Livestream scam is one of the oldest running scams in the space and is very versatile, it can be reskinned to take advantage of a range of situations.

And boy has it worked too with an apparent “deep fake” video of FTX founder Sam Bankman-Fried (SBF) circulating on Twitter, offering “compensation” for users in an attempt to steal their funds.

The video appears to be footage from an old SBF interview that has been modified with new dialogue via deepfake methods, in which AI technology creates realistic-looking facial movements to match the newly-added audio. The voice is similar to SBF’s, but more robotic in tone with stilted English dialogue to match.

The video has since been removed from Twitter, but it was all a ploy to push users to some scam website to claim compensation.

“But I hasten to inform all users that you should not panic. As compensation for the loss, we have prepared a giveaway for you in which you can double your cryptocurrency. To do this, just go to the site ftxcompensation.com.”

Send me 1 BTC you'll get 2 back

As you can imagine, the scam goes, if you send some bitcoin or ETH to the addresses on the website, you will get a certain amount over and above what you deposited. Now because people don't ask questions, don't verify, and don't do 5 minutes of due diligence, they head to these sites and send off money to scammers' wallets which they will never see again, only compounding losses.

According to reports on this FTX scam it has done far less damage so far. The Ethereum wallet address listed on the site has taken in about 1.2 ETH (about $1,340) over the last few days, while the Bitcoin wallet shows zero transactions to date, but bitcoin addresses can easily be changed making it harder to track transactions.

I also don't think that Twitter is the place where this scam really thrives, and if this had to be done on YouTube I am sure it would have pulled in far more money.

Not to give anyone ideas, but that's just been the nature of things.

Sources:

• decrypt.co

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