Bittime -The cryptocurrency world is again faced with serious security challenges. A number of news reports expressed concern from Coinbase's Chief Information Security Officer (CISO), Jeff Lunglhofer, regarding the rise of deepfake technology being misused to carry out fraud.
Deepfake: Fake Video of Crypto CEO Spreads Promise of Free Tokens
Deepfake is a technology that is capable of realistically manipulating video and audio, making it appear as if someone said or did something that never actually happened. In this case, criminals used deepfakes to create videos of CEOs of well-known crypto companies, such as Brian Armstrong of Coinbase and Brad Garlinghouse of R ipple .
In the deepfake video, these fake CEOs seem to be promising to give away free tokens. This is of course a fraudulent scheme designed to attract investors and drain their funds.
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Large Platforms Slow to Respond? The quality of deepfakes is increasingly worrying
Lunglhofer warned that large platforms like YouTube, which have not been very strict in monitoring crypto fraud, may be too late to stop the circulation of deepfake videos. This is because at first glance the video looks harmless and does not contain illegal content which has been the main focus of the platform.
Plus, Lunglhofer stressed that the quality of deepfakes is improving month by month. This quality improvement makes deepfake videos more convincing and harder to detect, potentially causing greater losses for investors.
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Be Vigilant and Verify: Fight Crypto Fraud with Caution
In response to the threat of deepfakes and the rise of crypto fraud in general, Lunglhofer offered important advice: "If you're going to move money, do it slowly." This means it is important to always be careful and carry out multiple layers of verification before carrying out crypto transactions.
Don't be easily tempted by tempting offers that don't make sense, including promises of free tokens from the CEO of a crypto company via video.
With extra vigilance and thoroughness, investors can avoid becoming victims of crypto fraud that utilizes deepfake technology.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Regarding Airdrop Scams in Crypto and How to Anticipate Them
Cryptocurrency Fraud in Japan: Increasing Steps Through New FSA Regulations
Scam Sniffer: New Phishing Danger Warning with the Use of Uniswap V3 Multicall Contracts
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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