A fake video of Sam Bankman-Fried (SBF), the former CEO of now-bankrupt cryptocurrency exchange FTX, has circulated on Twitter — attempting to scam investors affected by the exchange’s bankruptcy.
Created using programs to emulate Bankman-Fried’s likeness and voice, the deepfake video attempts to direct users to the site under the promise of a “giveaway” that will “double” their cryptocurrency.
It started with a verified account posing as FTX founder SBF posting dozens of copies of this video offering FTX users “compensation for the loss” in a phishing scam designed to drain their crypto wallets.
Over the weekend, a verified account posing as FTX founder SBF posted dozens of copies of this deepfake video offering FTX users "compensation for the loss" in a phishing scam designed to drain their crypto wallets pic.twitter.com/3KoAPRJsya
— Jason Koebler (@jason_koebler) November 21, 2022
Said video uses the old interview footage of Bankman-Fried along with a voice emulator to create the illusion of him saying, “as you know our F-DEX [sic] exchange is going bankrupt, but I hasten to inform all users that you should not panic.”
The fake SBF then directs users to a website saying FTX has “prepared a giveaway for you in which you can double your cryptocurrency,” where users send crypto under the promise they’ll receive double back.
Said Twitter account, with the handle S4GE_ETH, has been promptly suspended and so has the website which scammers used to get cryptocurrency from gullible users.
The crypto community was quick to point out that scammers were able to pay a small fee in order to get Twitter’s “blue tick” verification and appear authentic.
Meanwhile, the video was mocked all around the place for its poor production quality. Also, it gave more opportunity to criticize the FTX founder, with one user saying that “fake [Bankman-Fried] at least admits FTX is bankrupt,” and YouTuber Stephen Findeisen saying he “can’t tell who lies more” between the real and fake Bankman-Fried.
Back in real life, authorities in Singapore recently warned affected FTX users and investors to be vigilant as websites offering services promising to assist in recovering crypto stuck on the exchange are scams that mostly steal information such as account logins.
Deepfake videos have long been used by cryptocurrency scammers to try to con unwitting investors. In May, Elon Musk got that treatment, with his deepfake promoting a crypto platform surfaced on Twitter using footage from a TED Talk the month prior. Musk saw the video, and all he had to add was: “Yikes. Def not me.”