A fake video of Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been circulating on Twitter attempting to scam investors affected by the exchange’s bankruptcy.
Created using programs to mimic Bankman-Fried’s likeness and voice, the poorly done “deepfake” video attempts to direct users to a malicious site under the promise of a “gift” that will “double your crypto- change”.
Over the weekend, a verified account posing as FTX founder SBF posted dozens of copies of this deepfake video offering FTX users “compensation for loss” in a phishing scam designed to empty their crypto wallets. pic.twitter.com/3KoAPRJsya
—Jason Koebler (@jason_koebler) November 21, 2022
The video appears to use old Bankman-Fried interview footage and uses a voice emulator to create the illusion that he says “as you know our F-DEX [sic] Exchange is going bankrupt, but I hasten to inform all users not to panic.
The fake Bankman-Fried then directs users to a website saying that FTX has “prepared a giveaway for you in which you can double your cryptocurrency” in an apparent “double-your-crypto” scam where users send crypto under the promise that they will receive fold.
A now-suspended Twitter account with the handle “S4GE_ETH” would have been compromisewhich led to the scammers posting a link to the fraudulent website, which now appears to have been taken offline.
The crypto community has highlighted the fact that scammers can pay a small fee in order to obtain Twitter’s “blue tick” verification in order to appear authentic.
Meanwhile, the video was widely mocked for its poor production quality with a Twitter user ridiculing how the scam production pronounced “FTX” in the video, saying they “definitely use […] ‘Effed-X’ from now on.
At the same time, it gave many an opportunity to criticize the founder of FTX, a user said “fake [Bankman-Fried] at least admit that FTX is bankrupt” and YouTuber Stephen Findeisen share the video saying he “can’t tell who lies more” between the real and the fake Bankman-Fried.
Related: Crypto scammers use black market identities to avoid detection: CertiK
On Nov. 19, authorities in Singapore warned concerned FTX users and investors to be vigilant, as websites offering services promising to help recover crypto stuck on the exchange are scams that primarily steal information. such as account logins.
Singapore police warned of such a website which tricked FTX users into logging in with their account credentials which claimed to be hosted by the United States Department of Justice.
Others have attempted to take advantage of the attention FTX and its former CEO are receiving. On November 14, shortly after Bankman-Fried tweeted “What” without further explanation, some noticed the launch of a so-called “meme token” called WHAT.
Someone just threw a $WHAT token and it’s done a 4x.
It’s finish. pic.twitter.com/VB2UtENSGH
— Tyler (@ApeDurden) November 14, 2022
“Deepfake” videos have long been used by cryptocurrency scammers to attempt to defraud unwitting investors. In May, fake videos of Elon Musk promoting an encryption platform surfaced on Twitter using footage from a TED Talk from the previous month.
The video caught Musk’s attention at the time, who replied, “Yeah. Certainly not me.