Lee Hsien Loong, the prime minister of Singapore, has issued a warning to his social media followers about the growing use of deepfake videos in cryptocurrency scams. These deepfakes utilize AI technology to convincingly manipulate the prime minister’s voice and image, falsely claiming his endorsement of investment opportunities and crypto giveaways.
In a series of posts across platforms like X (formerly Twitter), LinkedIn, and Facebook, Loong urged his followers to exercise caution and not fall victim to these scams. He even shared an example video of himself being interviewed, clearly created by scammers, to expose the fraudulent “hands-free crypto trading” scheme.
“The use of deepfake technology to spread disinformation will continue to grow,” said Loong. “We must remain vigilant and learn to protect ourselves and our loved ones against such scams.”
This is not the first time Loong has been targeted by scammers. In 2021, he warned Singaporeans to be vigilant when dealing with cryptocurrency platforms, as scammers had set up a profile on BitClout and created fake social media accounts to sell tokens. Additionally, Loong and Deputy Prime Minister Lawrence Wong faced inquiries from lawmakers following the collapse of FTX in 2022.
Scammers have been employing various methods to deceive individuals and steal their fiat currency or tokens within the cryptocurrency industry. In 2020, high-profile Twitter accounts, including those of former United States President Barack Obama and President-elect Joe Biden, were compromised in a Bitcoin scam. However, there has been a slight decline in hacking incidents targeting the cryptocurrency industry in 2023.
“This cumulative amount of stolen funds, spread across multiple incidents, highlights the ongoing vulnerabilities and challenges within the DeFi ecosystem,” stated De.FI in its report. “2023 served as a testament to both the persisting vulnerabilities and the progress made in addressing them, despite muted interest in the space during the first half of the year due to the ongoing bear market.”
According to a recent report from De.FI, hackers managed to steal approximately $2 billion in digital assets throughout 2023. Although this amount is still concerning, it marks the first decrease in crypto hacking incidents since 2021. The report also highlights some notable crypto thefts, including the breach of the Ronin network in 2022, where hackers looted over $600 million in crypto, and the attack on Mixin Network resulting in a haul of approximately $200 million.
In 2022, Chainalysis, a blockchain monitoring firm, reported an all-time high of $3.8 billion stolen by cybercriminals in the crypto realm.
In conclusion, the prime minister’s warning against deepfake scams reinforces the importance of staying cautious in an era of advancing AI technology. The crypto industry must continue its efforts to tackle vulnerabilities and protect users from malicious actors.
