Even though the Bitcoin 2024 event has concluded, several deepfake videos of Elon Musk promoting a “double your money” scam have emerged on YouTube over the past three days. These fraudulent live streams, posing as official Bitcoin 2024 broadcasts, have been deceiving unsuspecting users and stealing their cryptocurrencies. One such video has amassed over $28,000 in Bitcoin, Ethereum, and Dogecoin.
Fake Bitcoin 2024 Live Streams Featuring Deepfake Elon Musk
Numerous fake live streams pretending to be from the official Bitcoin 2024 conference have surfaced on YouTube. These videos feature an AI-generated deepfake of Elon Musk, designed to appear as if they are streaming live for 72 hours straight.
The deepfake Musk speaks on stage, and those who do not pay close attention might easily be misled into believing it is the real individual. The scam seems to be propagated by Bitcoin Magazine, the promoter of Bitcoin 2024. They falsely claim that Michael Saylor, the founder of Microstrategy, is participating in the video; however, it only repeats Musk’s deepfake, with Tesla logos displayed in the background.
The Scam Methodology
This scam follows a typical “double your money” scheme. It entices users to send any amount in Bitcoin, Ethereum, Dogecoin, or Tether (USDT), promising to return double the amount sent. In reality, the scammers keep the funds and return nothing. The deepfake Musk assures that it doesn’t matter whether someone sends 0.1 BTC or 10 BTC; they will still receive double the amount in return.
This serves as a reminder that anyone claiming they can double your cryptocurrency in exchange for sending them money is a scammer. We documented three different live streams over the weekend and likely encountered more.
Fraudsters received BTC, ETH, and DOGE from unsuspecting victims. According to on-chain data, they collected a total of 0.322 BTC, 2.026 ETH, and 374.63 DOGE, amounting to $28,586. The total earnings from other live streams remain unknown. Unfortunately, YouTube does not remove these videos as swiftly as those categorized as “disinformation.”
A Warning to the Community
Michael Dunworth, a prominent supporter of Bitcoin, has alerted the crypto community about the scam on X. He stated: “Called Elon Musk Giving Out Free Bitcoin at Bitcoin ’24.” He further remarked, “No wonder there’s a fake live stream with dubbed audio and over 70k (fake) viewers. Be careful.”
Although the Bitcoin 2024 event has already ended, there have been several deepfakes of Elon Musk in the last three days featuring a “double your money” scam spread on YouTube. Fake live streams masquerading as official Bitcoin 2024 broadcasts have been tricking unsuspecting users and stealing cryptocurrencies from them. One such video has raised over $28,000 worth of Bitcoin, Ethereum, and Dogecoin.
Kamu Bitcoin 2024 Live Streams with Elon Musk Deepfake
Several fake live streams mimicking the official Bitcoin 2024 conference have appeared on YouTube. These deceptive videos feature an artificial intelligence (AI) generated deepfake of Elon Musk, seemingly live streaming continuously for 72 hours.
This deepfake version of Elon Musk is shown speaking on a stage, making it easy for viewers who aren’t paying close attention to believe that it’s genuine. The scam falsely claims to be broadcast by Bitcoin Magazine, the promoter of Bitcoin 2024, and also misleadingly suggests involvement from Michael Saylor, the founder of Microstrategy. In reality, the videos simply repeat the deepfake while displaying Tesla logos in the backdrop.
The Method of Cheating
The scam follows a traditional “double your money” scheme. It entices users to send any amount in Bitcoin, Ether, Dogecoin, or Tether (USDT) with the promise of returning double the amount sent. In reality, scammers pocket the funds without returning anything to victims.
The deepfake Musk falsely assures viewers that it doesn’t matter whether someone sends 0.1 BTC or 10 BTC; they will receive double the amount back in any case. This should serve as a cautionary reminder: anyone who promises to double your cryptocurrency should be viewed as a scammer. Over the weekend, we observed three different live streams promoting this scam.
Fraudsters collectively received BTC, ETH, and DOGE from unsuspecting victims. On-chain data indicates they received a total of:
| Cryptocurrency | Amount | USD Value |
|---|---|---|
| Bitcoin (BTC) | 0.322 BTC | $6,500 |
| Ethereum (ETH) | 2.026 ETH | $3,400 |
| Dogecoin (DOGE) | 374.63 DOGE | $50 |
| Total | $28,586 | |
Notably, it remains unclear how much additional revenue these scammers generated through other live streams. YouTube, unfortunately, does not act swiftly to remove these deceptive videos as it does with those marked as “disinformation.”
A Warning to the Community
Michael Dunworth, a prominent supporter of Bitcoin, cautioned the crypto community about the scam via X. He tweeted: “Called Elon Musk Giving Out Free Bitcoin at Bitcoin ’24. No wonder there’s a fake live stream with dubbed audio and over 70k (fake) viewers. Be careful,” he advised.
Recognizing Deepfake Scams
As the cryptocurrency landscape continues to evolve, deepfake scams are becoming increasingly sophisticated. Here are some practical tips to help you avoid falling victim:
- Verify Sources: Always check official channels for updates. If a stream or announcement is fraudulent, it often won’t be mentioned by legitimate sources.
- Beware of Too-Good-To-Be-True Offers: If someone promises to double your investment instantly, it’s likely a scam.
- Check for Community Feedback: Look for discussions online about the video or stream. Other users often report scams before they gain widespread attention.
- Look for Red Flags: Poor video quality, excessive graphics, or awkward speech patterns could indicate the use of deepfake technology.
- Use Security Measures: Ensure you have strong security protocols in place when handling your cryptocurrency accounts, such as two-factor authentication (2FA).
Case Studies of Similar Scams
The rise of deepfake technology has led to numerous scams in the crypto space. Here are a few notable examples:
1. Fake Vitalik Buterin Giveaways
Deepfake videos of Ethereum co-founder Vitalik Buterin were used to promote fraudulent cryptocurrency giveaways, luring in thousands before being flagged and removed.
2. Impersonation of Crypto Influencers
Scammers have created deepfake avatars of known crypto influencers, offering nonexistent investment opportunities, leading to substantial financial losses for unsuspecting victims.
3. Celebrity Endorsements
Several deepfake scams have implored public figures to endorse crypto projects; however, these endorsements were fabricated, resulting in massive discrepancies and outrage when uncovered.
First-Hand Experience
One victim of the recent Elon Musk deepfake scam shared, “I wasn’t paying attention when I clicked on the video. They made it look so real! I sent 0.5 BTC thinking it was an opportunity, but I never received anything back.” This serves as a stark reminder of the importance of diligence in the rapidly evolving cryptocurrency landscape.
