A deepfake video of Apple CEO Tim Cook circulating on YouTube during the iPhone 16 launch tricked XEM into a “double your money” cryptocurrency scam. Users were tricked into transferring Bitcoin and Ether to fraudulent wallet addresses.
During Apple’s iPhone 16 launch event on September 9, a deepfake video of CEO Tim Cook flooded YouTube, tricking XEM into participating in a cryptocurrency scam. The scam asks people to send Bitcoin, Ether, Tether , or Dogecoin to a “donation address” with the promise that Apple will send back double the amount of cryptocurrency sent. The AI version impersonating Cook says, “Once you complete the transfer, the system will automatically process and send back double the amount of cryptocurrency you sent.”
— Abhishek Bhatnagar (@abhishek) September 9, 2024
Breaking
Apple US YouTube channel hacked? There is a fake Ai video of TimCook streaming on it asking for bitcoin.#AppleEvent pic.twitter.com/b2DOyhxBLL
The scam isn’t new—the “double your money” scam has been used in many cryptocurrency scams—but this time it’s using Apple’s launch event to add credibility. The fake Tim Cook livestreams were broadcast during Apple’s “Glowtime” event, where the company introduced its latest iPhone models. One fake livestream channel even mimicked Apple’s official US YouTube channel, complete with a verification checkmark, to make it look authentic.
Videos and screenshots Chia on X (formerly Twitter) show that these scam livestreams have attracted hundreds of thousands of XEM. However, it is likely that many of these XEM are from bots, intended to add legitimacy to the channel and attract more XEM.
YouTube's response and rising concerns about deepfake scams
As the scam began to spread, YouTube's support team was quick to acknowledge the issue in a September 9 post on X, urging users to report scam videos through the platform's official reporting tool. In response to public outcry, the fraudulent videos were removed and the YouTube accounts involved were suspended. However, as of press time, YouTube has yet to issue an official response to the incident.
The incident highlights the growing problem of deepfake technology being used in cryptocurrency scams. As AI continues to advance, its use in creating extremely realistic fake personas to trick XEM is becoming more common. This is not the first time celebrities have been targeted in similar scams.
Earlier in June, Australian broadcaster Seven's YouTube news channel was hijacked by scammers, broadcasting deepfake videos of Elon Musk promoting a cryptocurrency scam. Around the same time, YouTube was flooded with deepfake videos of Musk during SpaceX's Starship rocket launch, asking XEM to transfer cryptocurrency with the promise of double the amount.
The growing sophistication of AI content has raised concerns globally, as deepfake videos become harder to detect. The World Economic Forum’s “Global Risks” 2024 report has outlined the potential risks of deepfake technology, especially the potential for reputational damage and user deception.
As deepfakes become more prevalent, tech companies and social platforms are under increasing pressure to deploy stronger detection and prevention measures to deal with these scams.
For users, the best protection remains to remain vigilant and skeptical, especially when exposed to content that promises quick profits or easy gains. The intersection of AI and cryptocurrencies is posing new challenges for both tech companies and regulators, while scammers are becoming increasingly bold in their tactics.
