Michael Saylor’s Fake Bitcoin Videos Out on YouTube

An Artificial Intelligence (AI)-generated video of MicroStrategy Chairman and former CEO Michael Saylor has been seen making rounds on YouTube in a bid to convince Bitcoin (BTC) holders to part with their assets. The video has an uncanny resemblance with Saylor’s voice and mannerisms, thereby making it more convincing and easier to deceive Bitcoin owners especially those who are not-so-tech-savvy.

New YouTube Scam to Defraud Bitcoin Holders 

The highly realistic deepfake video shows a well-dressed individual who shares a striking resemblance with Saylor, occupying a luxurious office surrounded by bookshelves. This aesthetic was designed to portray the ambience of a trustworthy business environment. The individual enticed viewers with an offer that sounds too good to be true.

He asked them to double their Bitcoin by following a couple of easy steps. The so-called easy steps involve scanning a QR code which redirects a user to a website where he can commence the process of doubling his Bitcoin portfolio. As a way to gain the trust of viewers, the figure emphasized how secured and safe the transactions are.

Social Media Platforms Exploited For Crypto Scams

This is not the first time such a scam is making waves on the Internet and most of the time, YouTube and other social media apps are the platforms exploited by these bad actors. It is worth noting that these kind of fraudulent schemes have become prevalent in the cryptocurrency sector in recent times. 

Plus they are also becoming more sophisticated and harder to distinguish from the real thing. The prevalence of this schemes led Garlinghouse to call out YouTube for its lack of commitment towards curtailing such scams.

More Fake Crypto Projects Unleashed 

In July, Meta’s new microblogging tool, Threads was reported as the latest platform for these crypto hackers. Images or videos of prominent industry players are cloned and used to promote fake crypto projects and scams. 

There was a recent scam that involved a sophisticated imitation of Ripple CEO Brad Garlinghouse. The Ripple executive was seen canvassing for a non-existence XRP giveaway which had a call to action: Send a minimum of 1,000 XRP and receive double the amount in return. Interested persons were promised swift returns on this so-called community support initiative.