Quantum

Elon Musk

<div class="cryptonews">
 <p class="is-style-lead">Cybersecurity experts at Cybertrace have issued an alert concerning a sophisticated deep fake video featuring Australian mining <a rel="noopener noreferrer nofollow" title="tycoon" href="https://thebittimes.com/tag/tycoon.html">tycoon</a> and entrepreneur Andrew “Twiggy” Forrest endorsing a fraudulent <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading platform on social media.</p>
 <p>The deceptive video, discovered on Facebook, entices viewers to join a sham platform named “Quantum AI,” promising substantial daily earnings for “ordinary people.” Cybertrace identifies Quantum AI as a term frequently linked with scams and financial deceit.</p>
 <p>Dan Halpin, CEO of Cybertrace, expressed concerns to The Australian, suggesting that the deep fake’s convincing nature, attributed to its length and sales-oriented repetition, could easily mislead individuals. The counterfeit video manipulates Forrest’s appearance and mannerisms from a Rhodes Trust “fireside chat” in October, showcasing him promoting a fraudulent crypto trading software.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Cybertrace Investigators have identified a #deepfake video of Australian businessman Andrew Forrest. The original video was posted to the &nbsp;@rhodes_trust YouTube Channel. #ScamAlert #scam https://t.co/4uLSD7cXWg@FortescueFuture @FortescueNews</p>— Cybertrace (@Cybertrace_com) January 31, 2024
   </blockquote>
  </div>
 </figure>
 <p>In the manipulated video, an AI-generated version of Forrest is seen promising potential partners a “chance of a lifetime” to join what is claimed to be the world’s most intelligent stock and cryptocurrency trading software. This software allegedly guarantees daily profits ranging from $700 to $2,200 for over nine months, irrespective of market conditions.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Australian crypto exchange Swyftx taps TRM Labs to combat fraudsters
 </div>
 <p>Forrest, who is recognized as one of Australia’s most successful entrepreneurs with a reported net worth of $29.4 billion, is depicted in the scam video urging viewers to seize this opportunity before it’s too late.</p>
 <p>The latest incident points out a broader issue of escalating digital fraud in Australia. In 2022, Australians fell victim to crypto scams, losing over $3 billion, highlighting the growing sophistication and impact of these schemes.</p>
 <p>In September 2023, The Australian Securities and Investments Commission (ASIC) announced a new four-year strategy to intensify its efforts against digital scams, including those <a rel="noopener noreferrer nofollow" title="involving" href="https://thebittimes.com/tag/involving.html">involving</a> <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, reflecting a nationwide concern over the proliferation of such fraudulent activities.</p>
 <p>Similar deceptive tactics were observed in fake Elon Musk YouTube streams, which led to a $165,000 cryptocurrency scam, demonstrating the scammers’ reliance on deep fake technology and social engineering to exploit unsuspecting victims.</p>
 <p>Furthermore, in a Nov. 16 hearing, U.S. Senator Elizabeth Warren raised awareness about the risks associated with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency scams, particularly targeting senior investors, indicating the global challenge of combating these digital threats.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Australian police seize $50m in crypto money laundering scheme
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cybertrace-raises-alarm-over-deep-fake-crypto-scam-involving-australian-tycoon-andrew-forrest-tbt78613.html">https://thebittimes.com/cybertrace-raises-alarm-over-deep-fake-crypto-scam-involving-australian-tycoon-andrew-forrest-tbt78613.html</a></p>

Cybertrace raises alarm over deep fake crypto scam involving Australian tycoon Andrew Forrest

TheBitTimes

Other articles published on Feb 2, 2024

BREAKING: Celsius To Start Paying Over $3B To Creditors

Binance Freezes $4.2 million worth of XRP following recent Ripple Co-founder account hack

Senior Fed Official Goolsbee Speaks After Strong Employment Data: He Makes Pro-Rate Cut Statements

Binance Announces Listing of a New Altcoin, Price Rises!

US Job Surge Eases Rate Cut Rush, Could Prime Bitcoin Only for Post-Halving Climb

Analysts Forecast Major Bitcoin (BTC) Rally Before Halving

Join our free newsletter for daily crypto updates!