Bitget Research Highlights Surge in Deepfake Fraud
Release: 2024/06/30 20:09 Reading: 279
Surge in Deepfake Fraud: Bitget Research Highlights Growing Threat
Introduction
Bitget Research's recent report reveals a significant increase in deepfake-related fraud within the crypto sector.
Growing Prevalence of Deepfake Fraud
Deepfake technology, which manipulates images and videos to create hyper-realistic content, has emerged as a potent tool for fraudsters targeting unsuspecting investors. As per the report, cyberattacks involving deepfakes have resulted in losses of $79.1 billion since 2022.
In 2024 alone, malicious deepfake usage surged by 245%, leading to substantial financial losses. Bitget estimates that potential damages from deepfake fraud could reach $10 billion per quarter by 2025.
CEO's Perspective
Bitget CEO Gracy Chen emphasizes the need for enhanced education and awareness to combat deepfake fraud in the crypto industry. "Deepfakes are rapidly penetrating the sector, and without preventive measures, we remain vulnerable," she states.
Common Fraud Methods
Social engineering and bot fraud account for a significant portion of deepfake crimes. These tactics resulted in losses of $2.03 billion in Q1 2024 alone.
Crypto Market Impact
The rise of deepfake technology coincides with the growing popularity of celebrity-related tokens. Scammers have capitalized on this trend, creating and promoting memecoins with the images or impersonators of famous figures.
Case Study: Elon Musk Deepfake Scam
On June 23, a deepfake video of Elon Musk promoting a cryptocurrency scam was broadcasted on YouTube. The video lured viewers to a website where they were urged to invest in Bitcoin (BTC), Ethereum (ETH), or Dogecoin (DOGE) with promises of automatic doubling returns.
Conclusion
Deepfake fraud poses a significant threat to the crypto industry, and preventive measures are crucial. Vigilance and education remain essential defenses until comprehensive cybersecurity frameworks are established globally.
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