MicroStrategy Founder Michael Saylor Warns of Deepfake Bitcoin Giveaway Scams Featuring Him

Several Celebrities Have Been Targeted In AI Generated Deepfake Scams

Michael Saylor, chairman and co-founder of data/software firm MicroStrategy and one of the world’s largest Bitcoin holders, recently sounded the alarm about the rise of deepfake scams targeting Bitcoin customers. MicroStrategy holds 189,150 BTC (worth about $8.7 billion), as per a Blockworks report. His warning echoes concerns within the cryptocurrency community, as deepfake videos have become increasingly sophisticated and convincing. Prominent figures like Elon Musk, who hold a significant influence, have been featured in these scams causing damage worth millions.

Saylor’s Warning to Bitcoin holders

Saylor issued a cautionary message to Bitcoin holders about fake podcasts and AI-generated YouTube videos that encourage people to scan a QR code and send Bitcoins to double their profits or participate in huge Bitcoin giveaways. In his tweet, Saylor revealed that his security team takes down about 80 fraudulent videos every day. He further added that MicroStrategy does not engage in any such Bitcoin giveaways.

“There is no risk-free way to double your #bitcoin, and @MicroStrategy doesn’t give away $BTC to those who scan a barcode…Don’t trust, verify,” Saylor stated in his X (formerly Twitter) post.

Rising Deepfake Scams and The Use of AI

Saylor is not the first victim of an AI-powered deepfake scam. In November last year, deepfakes of Ripple CEO Brad Garlinghouse also surfaced online. The crypto tycoon was seen promoting fake XRP giveaways and asking people to participate in contests. This is a common tactic used by scammers who have previously targeted figures like actors Ryan Gosling, Emily Blunt, Zendaya, Margot Robbie, rapper Bad Bunny, pop star Jennifer Lopez, and Tesla CEO Elon Musk, as per a McAfee report.

The rise of artificial intelligence has ushered in a new era of deepfake scams. Sophisticated AI tools can generate convincing audio and video content that can fool the unsuspecting public. The remarkably realistic and convincing digital content has made it necessary for individuals and organizations to remain vigilant and adapt to the ever-changing landscape of digital deception.

Saylor’s warning is a stark reminder that fraudsters are leveraging advanced technology and no one is safe from it. Therefore, adhering to best practices, verifying sources, and promoting awareness, is the only way in which Bitcoin holders can mitigate the risks associated with AI-driven scams.

Here’s How To Be Safe From Bitcoin Scams

Verifying Sources and Authenticity

Saylor asks people to always verify the source of any scheme. Bitcoin holders must understand the importance of due diligence within the cryptocurrency space before trusting schemes that appear to be promoted by prominent figures. Bitcoin holders should always verify the source of information or offers related to cryptocurrency. It can be done by visiting the official website or social media handles of the people or companies promoting the schemes. Further, any too-good-to-be-true scheme that appears in the form of digital ads should be avoided entirely.

Exercising Caution

It is always recommended to never send cryptocurrency or share critical information like wallet IDs with unknown or untrusted addresses or platforms. Bitcoin holders should refrain from falling for promises of unrealistic returns or rewards and exercise skepticism before acting on the offer.

Raising Awareness

The entire cryptocurrency community should work together to detect and flag scams circulating on the internet. The quick dissemination of information can help others get knowledge of fraud before they get targeted. Further, all crypto holders should educate themselves about the safe and best practices to avoid falling for such scams. They should actively educate themselves and others about the risks posed by AI scams. Raising awareness is essential in preventing unsuspecting individuals from falling victim to fraudulent schemes.