Recently, videos related to Deepfakes are constantly emerging, aiding in the execution of several crypto scams. Recently, an individual's Deepfake video was created to orchestrate crypto scams, involving someone who frequently stays in the headlines, namely Elon Musk, the owner of X (Twitter) and Tesla. In a live YouTube stream, the scandal associated with Elon Musk's Deepfake targeted users with a fake giveaway. In this giveaway, users were urged to send cryptocurrency to a specified address for promised reimbursements and a 200% bonus. QR codes were utilised in this crypto scam, redirecting users to a fraudulent website. Additionally, this scam targeted a YouTube channel with 180,000 users.
The trend of creating videos through Deepfake is not showing any signs of stopping. Cases related to Deepfake videos are emerging every day in India as well. Famous personalities are being targeted in India. The first Deepfake video in India was of Amitabh Bachchan, and recently, Pushpa fame Rashmika Mandana was also targeted with a Deepfake video. The incidents of these Deepfake videos in India are not only linked to celebrities, as scammers even targeted India's PM Narendra Modi, creating a viral Deepfake video. Besides India, celebrities and singers from other countries have also become victims of such Deepfake videos.
Since the introduction of the term Deepfake, it has created a sense of alarm in the market. But there is a need to stop this menace; otherwise, the use of Deepfake technology can lead to the execution of various major scams. Today, videos of PM Modi and Elon Musk have been created, and tomorrow someone else could be the target. Therefore, governments need to contemplate on a global level about Deepfake videos and the significant scams that can result from them. Governments of all countries should take strict action against this kind of Deepfake technology and formulate stringent rules to prevent scammers from carrying out such activities.
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