Deepfakes use deep learning artificial intelligence (AI) to create hyper-realistic digital content by manipulating and modifying original media, such as swapping faces in videos, images and audio, according to OpenZeppelin technical writer Vlad Estop.

Estoup noted that cryptocurrency scammers often use deepfake technology to create fake videos of well-known personalities to carry out the scams.

An example of such scams is a deepfake video of the former FTX CEO in November, in which scammers used old Sam Bankman-Fried interview footage and an audio simulator to direct users to a malicious website promising to double your cryptocurrency.

Schwed said that the volatile nature of cryptocurrencies causes people to panic and take a “better safe than sorry” approach, which can lead them to indulge in deepfakes scams. is without:

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“If a CZ video was released claiming withdrawals would be turned off in an hour, would you withdraw your money immediately, or spend hours trying to find out if the message was real?”
However, Estoup believes that while deepfake technology is advancing at a rapid rate, it is not yet “indistinguishable from reality.”

How to spot deepfakes: Watch the eyes
Schwed suggests that one useful way to spot deepfakes quickly is to watch when someone blinks. If it looks unnatural, there’s a good chance it’s a deep fake.

Schwed explains that this is due to the fact that deepfakes are created using image files obtained from the Internet, where a person’s eyes would normally be open. Thus, in the case of deepfakes, the blinking of the subject’s eyes must be simulated.

Of course, Schwed said, the best identifier is to ask questions that only a real individual can answer, such as “What restaurant did we meet at for lunch last week?”

Estoup said there is also artificial intelligence software available that can detect deepfakes and suggests that one should look out for significant technological improvements in this area.

He also gave some old advice: “If it feels too good to be true, it probably is.”

Related: “Yikes!” Elon Musk is warning users about the latest deepfake crypto scam

Last year, Binance’s chief communications officer, Patrick Hellman, revealed in an August blog post that a sophisticated scam had been perpetrated using his deepfakes.

Hillman noted that the team has used past news interviews and television appearances over the years to create the deepfakes and “fool many clever crypto members.”

He only realized this when he started receiving messages online thanking him for his time talking to the project teams about possibly listing their assets on

Earlier this week, blockchain security firm SlowMist noted that there were 303 blockchain security incidents in 2022, of which 31.6% were caused by phishing, phishing, and other scams.

Source: CoinTelegraph