Fun

Crypto losses to deep fakes could reach $25B in 2024 — Bitget

News Feed - 2024-06-27 05:06:00

Felix Ng59 minutes agoCrypto losses to deep fakes could reach $25B in 2024 — BitgetCriminals are using deep fakes more than ever, causing $79.1 billion in losses since 2022.291 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto losses to deep fake tricks and scams are set to reach over $25 billion in 2024 — more than doubling last year’s losses, according to Bitget Research.


The crypto exchange noted a 245% increase in the number of deep fakes worldwide in 2024 in a June 27 report, drawing from earlier Sumsub research data.


Bitget found that China, Germany, Ukraine, the United States, Vietnam and the United Kingdom had the most deep fakes detected in the first quarter of 2024, while the crypto industry saw a 217% gain compared to Q1 2023.Forecast for losses from crypto-related deep fakes with forecasted value for 2024 Source: Bitget Research


Bitget said the rise in deep fakes led to $6.3 billion in crypto losses in the first quarter. It added that it saw losses rising to $10 billion per quarter by 2025. 


“Deepfakes are moving into the crypto sector in force, and there is little we can do to stop them without proper education and awareness,” Bitget CEO Gracy Chen told Cointelegraph in a statement.Crypto losses to deep fakes, broken down by type. Source: Bitget Research


Interestingly, deep fake fraudsters haven’t changed their tactics too much over the years. 


Most crypto losses to deep fakes occur in the form of fake projects, phishing attacks and Ponzi schemes, where deep fake technology is used to gain the trust of cryptocurrency investors.


Over the last two years, this method has made up for more than half of all deep fake-related crypto losses.


“By impersonating influential figures, these schemes create the illusion of credibility and substantial project capitalization, thereby receiving large investments from victims without thorough due diligence,” said Bitget Research.


MicroStrategy executive chairman Michael Saylor has been a popular choice for fraudsters. In January, Saylor said his team removes around 80 artificial intelligence (AI)-generated fake videos of him daily, usually to promote some kind of Bitcoin (BTC)-related scam.Source:Michael Saylor


Bitget noted that deep fakes are used in other ways, including cyber extortion, identity and impersonation fraud and market manipulation. For example, a fake statement from an influencer or news anchor in an attempt to manipulate the price of a token. However, these made up a much smaller share than crypto scams. Deep fakes could be used in 70% of crypto crimes


Without effective measures in place, the share of deep fakes being used in crypto crimes could reach 70% by 2026, Bitget predicts.


“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims,” Bitget Research chief analyst Ryan Lee told Cointelegraph.“For instance, a video impersonating someone close to the victim could be pivotal for fraudsters, whereas a fake video of an influencer might bolster investor confidence in a scam project as an ancillary tool.”


Lee believes one of the more immediate concerns over deep fake technology is the use of AI-backed voice impersonators, which allow scammers to call users pretending to be their relatives and ask for money.


Related:Elaborate Elon Musk deepfake crypto fraud uncovered in Hong Kong


Another could be deepfakes that circumvent Know Your Customer (KYC) measures to gain unauthorized access to a user’s funds.


“Right now, exchanges need to pay attention to their ‘Proof of Life’ features of the KYC systems the most,” said Lee.“This feature essentially confirms that the user is a real person and not a static image or a video, through real-time actions like blinking, moving or secondary ‘Proof of Life’ requests.”


“We warn all our users upon registration that we use advanced AI solutions to quickly identify and prevent cases of deepfake usage,” he added.


Magazine: Crypto game rewards not ‘crucial,’ Farmville creator makes case for beta releases: Web3 Gamer# Fraud# Research# AI# Bitcoin Scams# ScamsAdd reaction

News Feed

MoonPay expands crypto options with PayPal integration
Helen Partz11 hours agoMoonPay expands crypto options with PayPal integrationMoonPay users in the U.S. can now buy and sell 110 different cryptocurrencies using PayPal transfers via wallet, bank transfers or debit cards.
XRP Reaches ABC Pattern Top—Analyst Says $6.50+ Targets Still In Play
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tristan Greene7 hours agoElon throws AI-generated insults at GPT-4 after OpenAI CEO mocks GrokSam Altman posted a meme on X accusing Grok of being a GPT designed to make grandpa jokes, to which Musk clapped back in true
The Bull and Bear Case for Investing in the Top 20 Cryptocurrencies
The Bull and Bear Case for Investing in the Top 20 Cryptocurrencies Should you buy bitcoin or bitcoin cash? Does tezos have further room to grow? Is monero a long-term hold? Ther
XRP price breaks 3.5-year downtrend as analyst predicts $200
Biraajmaan Tamuly10 hours agoXRP price breaks 3.5-year downtrend as analyst predicts $200XRP"s gains of 36.83% this quarter is its highest quarterly rise since Q1 2023.10063 Total views20 Total sharesListen to article 0:
Coinbase-backed Truflation confirms hack, estimated around $5M
Brayden Lindrea12 minutes agoCoinbase-backed Truflation confirms hack, estimated around $5MTruflation’s team said that no customer funds were stolen in the security breach.64 Total viewsListen to article 0:00NewsOwn th
Dubai-Headquartered Crypto Exchange MaskEX Launches Virtual Card for Worldwide Spending and Welcomes Ben Caselin as Vice President to Drive Global Expansion Effort
Dubai-Headquartered Crypto Exchange MaskEX Launches Virtual Card for Worldwide Spending and Welcomes Ben Caselin as Vice President to Drive Global Expansion Effort press release PRE
Solo Bitcoin miner wins the 3.125 BTC lottery, solving valid block
Martin Young5 hours agoSolo Bitcoin miner wins the 3.125 BTC lottery, solving valid blockThe solo miner netted around $200,000 in rewards for validating block 841,286.6960 Total views39 Total sharesNewsOwn this piece of
Report: Softbank’s Internet Firm Z Holdings Plans to Launch NFT Mall in 180 Countries
Report: Softbank"s Internet Firm Z Holdings Plans to Launch NFT Mall in 180 Countries Z Holdings, the internet subsidiary of the Japanese conglomerate holding company Softbank, is
Billionaire ‘Bond King’ Jeffrey Gundlach Expects Fed to Raise Rates Next Week — ‘That Would Be the Last Increase’
Billionaire "Bond King" Jeffrey Gundlach Expects Fed to Raise Rates Next Week — "That Would Be the Last Increase" Billionaire Jeffrey Gundlach, aka the “Bond King,” e
Uniswap Foundation to Distribute $1.8 Million in Grants to 14 Recipients
Uniswap Foundation to Distribute $1.8 Million in Grants to 14 Recipients The Uniswap Foundation (UF), the group behind the decentralized exchange (dex) Uniswap, announced the first
Bitforex reopens for withdrawals after police investigation
Turner Wright6 hours agoBitforex reopens for withdrawals after police investigationAfter roughly five months of silence, the crypto exchange Bitforex claimed that the police in Jiangsu Province had detained its team memb