During the Bitcoin 2024 conference, a new fraudulent activity has come to light on YouTube involving the use of deepfake technology. This scheme involves deceptive live broadcasts posing as the genuine Bitcoin 2024 event and enticing individuals to transfer their cryptocurrency under the false promise of doubling their funds. These deceptive tactics have resulted in the illicit acquisition of over $28,000 in Bitcoin, Ethereum, and Dogecoin over the past weekend.
The Modus Operandi
The live streams falsely claim affiliation with the Bitcoin 2024 conference in Nashville, featuring an AI-generated deepfake of Elon Musk. These videos deceptively advertise a session titled “Bitcoin 2024 Conference Nashville! Donald Trump & Elon Musk Speech – General Day 2,” and claim to feature Michael Saylor of Microstrategy, although only showcasing a repeated video of the Musk deepfake with Tesla logos in the background.
The “Double Your Money” Scheme
Within these live streams, the counterfeit Elon Musk encourages viewers to transfer Bitcoin, Ethereum, Dogecoin, or Tether (USDT) with the promise of doubling their investment. However, the scammers keep the funds without fulfilling the promised returns.
Onchain Records and Impact
Upon onchain analysis, it was discovered that 0.322 BTC, 2.026 ETH, and 374.63 DOGE were sent to the scammers, amounting to $28,586. The impact of other live streams remains unclear, as YouTube has been slow to remove these fraudulent videos.
These videos persist in being broadcasted despite numerous user reports, falsely showcasing a significant viewership. Michael Dunworth, a Bitcoin advocate, utilized the X social media platform to warn the community about the scam and advise caution.
This incident serves as a reminder that any promise to double cryptocurrency investments through fund transfers is fraudulent. It is essential to always verify the authenticity of live broadcasts and exercise caution with enticing offers.
