Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
Coinspeaker Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
As per the latest report from Bitget Research, crypto investors hold the risk of losing $25 billion this year to deep fake scams and risks. As per the June 27 report, Bitget highlights a massive 245% surge in the number of deep fakes worldwide, so far in 2024.
During the first quarter of this year, China, the USA, Vietnam, Germany, Ukraine, and the UK had the most deep fakes detected. Simultaneously, the crypto industry saw a 217% jump in deep fakes in comparison to Q1 2023.
As per the research team at Bitget, this surge in deep fakes led to $6.3 billion in crypto losses during the first quarter. The crypto exchange states that these losses can further increase to $10 billion 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 said in a statement.
Photo: Bitget Research
The interesting thing is that deep fake fraudsters have been employing the same tactics over the years.
Most crypto losses to deep fakes occur through fake projects, phishing attacks, and Ponzi schemes, where deep fake technology is employed to deceive cryptocurrency investors. In the past two years, these methods have accounted for over half of all deep fake-related crypto losses. Bitget Research noted:
“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.”
No bonus points for guessing, deep fraudsters have been targeting MicroStrategy executive chairman Michael Saylor. Earlier this year in January, Saylor and his team managed to remove 80 artificial intelligence (AI)-generated fae videos of him.
Deep Fakes Can Contribute to 70% of Crypto Crimes
Biutget predicts that without proper combat measures in place, deep fakes can contribute to 70% of crypto crimes by 2030. Bitget Research chief analyst Ryan Lee said:
“Criminals are increasingly employing fake photos, videos, and audio to exert a stronger influence over their victims. 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 identifies a significant immediate concern with deep fake technology: AI-backed voice impersonators, which enable scammers to call users pretending to be their relatives and request money. Additionally, deep fakes can be used to bypass Know Your Customer (KYC) measures, allowing unauthorized access to a user’s funds.
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Crypto Investors Can Lose $25B to Deep Fakes in 2024, Says Bitget
This is a security information Let's be more careful with the security of our wallets
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Professor Mende - Bonuz Ecosystem Founder
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🚨 I GOT HACKED! $100K+ STOLEN FROM MY PHANTOM WALLET 🚨$
I need to share something urgent and devastating that happened to me recently. On June 25th, 2024, at 00.02 CET over $100k worth of crypto was stolen from my Phantom wallet. Investigation and forensics are currently underway, and hopefully, we'll be able to recover the stolen funds.
My compromised Phantom Solana wallet: 6EnVBfvwx1z2tzP5vGwBsh9mSZsBaLBm9FCTVSz5e2pm
How Did This Happen? I’ve always preached the importance of security and taken high measures to protect my assets. Despite having robust security measures and being vigilant about avoiding suspicious links, I didn't fall for obvious scams.
Yet, my wallet got emptied just 30 minutes after my WATER presale tokens arrived— $60k worth. and 320 SOL.
It’s possible I was targeted because I openly shared my investment moves on my Instagram stories (mende). Exposing my #Phantom Wallet so that everyone can track my moves. Interestingly, the #hacker didn't steal my SNS domain Mende.sol, so I transferred it to my new wallet.
My seed phrase isn’t stored digitally, so this breach is baffling and terrifying. How You Can Stay Safe, Or... Can You? My incident underscores the constant risk in the crypto world!
⛔ PROTECT YOURSELF BETTER:
1. Use Cold Wallets for Long-Term Storage: Keep most of your crypto assets in a hardware wallet. These offline wallets are much harder to hack than hot wallets connected to the internet.
2. Enable Two-Factor Authentication (2FA): Always use 2FA for your accounts. This extra layer of #security , adds value if someone has your physical device.
3. Be Cautious: Avoid publicly sharing detailed information about your investments.
4. Multi-Sig Wallets - but this comes with handicaps in quick trading moves.
5. Regularly Update Security Measures: Stay updated with the latest security practices, regularly review your security!
I urge everyone in the community to take these precautions seriously; plz share this post to spread awareness, help others stay safe.
The 8th article contest @ListaDAO - #ListaNewEra Introduction: Lista DAO is an open-source decentralized stablecoin lending protocol and a liquidity hub for LSDfi on the BNB Smart Chain. Users can stake their BNB liquidity on Lista to mint slisBNB, or borrow lisUSD with various decentralized collateralized assets and their associated LST. The LISTA token is the governance token of the Lista DAO, which will be officially listed on Binance on June 20, 2024. As a core governance tool, LISTA token holders play a vital role in the future development of the @ListaDAO Key Features & Benefits: Governance engagement LISTA token holders not only have voting rights, but can also vote directly on key governance decisions of the protocol, such as choosing collateral types and deciding on token emission strategies. veLISTA lock-up and enhanced governance Starting in July 2024, users can convert LISTA tokens to veLISTA. This not only enhances their voting power, but also gives them a share of the protocol's revenues, which are distributed after deducting operating expenses. Listapie incentives Prior to the official launch of veLISTA, holders of LISTA tokens had the option to stake their tokens to the Listapie platform. In this way, users can earn not only multi-tiered rewards such as Lista stardust and Listapie airdrop, but also Listapie IDO Quota, which provides them with the opportunity to participate in early-stage project investments. LISTA token holders will also have the opportunity to participate in our special event on the Galxe platform and share 5,000 USDT in rewards. Another important part of Lista DAO is our slisBNB, what is slisBNB? slisBNB is BNB's yielding and liquid staking token. According to data on Dune, there are now 394,000 BNBs staked on Lista DAO, about $225 million. There are many other user cases in the ecosystem of the BNB chain, do you all know that there are many other user cases in slisBNB?
Step 1: Participate in the @ListaDAO article contest to discuss the future of $LISTA Post content on the square using the hashtag #ListaNewEra for a chance to share the rewards. We're looking forward to hearing from you about your insights and thoughts on the future of the $LISTA ecosystem. Your post must cover the token tag $LISTA and the hashtag #ListaNewEra and include your views on: What are the benefits and rights of LISTA holders?What are the future prospects for slisBNB?What is the future of Lista DAO in liquidity staking?
Step 2: Share this Square post of yours on your social media (X) and @lista_dao, use the hashtag #LISTA and encourage your social media followers to comment/like/share the post.
Event Rules:
After the event, we will select 50 high-quality posts under the hashtag #ListaNewEra. To be eligible, posts must have at least 20 interactions (likes, shares, or comments) and at least 200 characters. And according to the number of views, 14000 LISTA will be shared, and each winner will receive 100 ~ 610: 25 winners with over 4,000 views will each receive 100 LISTA.15 winners with over 8,000 views will each receive 360 LISTA.10 winners with over 15,000 views will each receive 610 LISTA.
All content must be released by July 03, 2024 12:00 (UTC+8) to be eligible for rewards. Only content related to the project essay requirements will be selected, and other non-related content will not be eligible for reward.
Terms & Conditions This promotion may not be available in your region.Only content with #ListaNewEra related content (including posts and articles) that received at least 20 interactions (i.e., the total number of emojis, comments, or shares) during the campaign period are eligible for qualifying content.Any abuse of hashtags and posting of irrelevant content will result in exclusion from the event.Only original new content is eligible. Previously submitted entries are not eligible.You can post multiple different high quality content to increase your probability of winning.We will release the rewards to your account within 20 working days, and Users may check their rewards via "Funding" > "Balances".All eligible users will be notified via a push notification under Creator Center > Square Assistant.Binance reserves the right to disqualify any account that violates Binance Square's Community Guidelinesor Terms and Conditions.Binance reserves the right to modify or change these terms and conditions at any time at its sole discretion without prior notice, including, but not limited to, canceling, extending, terminating, or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any action to be taken, and all participants shall be bound by these amendments. Binance reserves the right of final interpretation of this event.