Changpeng Zhao, co-founder and former CEO of Binance, the largest cryptocurrency exchange, has warned about deepfake videos circulating on social media. These videos, featuring Zhao’s AI-generated likenesses, promote cryptocurrencies he has no connection to. Zhao, also known as “CZ” in the crypto community, urged users to stay alert and not be misled by these deceptive videos.
Zhao explained in a tweet on his X (formerly Twitter) that deepfakes are not posted on X but shared on other platforms. I think there are fake videos of me specifically on other social networks I use. Please beware!” He penned down what he wanted his followers to know, especially the emulation of such deceitful videos.
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AI-Generated Deepfakes Target Crypto Users
The deepfake videos portray a computer-generated version of Zhao endorsing various crypto coins, many of which he has never heard of. In a lighthearted exchange, a social media user asked whether these videos showed Zhao drinking beer. In response, Zhao clarified that the deepfakes were only promoting a coin he did not know of, raising concerns about the authenticity of these AI-generated promotions.
Zhao’s message reveals a worrisome trend regarding fake identities, as more and more cryptocurrency industry actors employ deepfake tools to mislead the public. Because the details in these videos are often compelling, people might find it hard to tell whether or not the thing they are watching is real or just AI-generated fake news. The complexity of the above scams contributes to further complications that investors in cryptocurrency experience in protecting their investments.
Conclusion
Notably, Zhao pointed out the potential problem earlier, and such a proactive alarm will help the crypto community become aware of the vulnerability. This is especially the case given that with improved deepfake technology, users might come across claims of endorsement by some crypto. Be careful only to deal with sources that have been confirmed and ensure that one is cautious and can easily avoid falling victim to these refined schemes.
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