A faked video of Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, is circulating on Twitter in an attempt to scam investors affected by the exchange’s bankruptcy.
Created using programs to mimic Bankman-Fried’s likeness and voice, the poorly crafted “deepfake” video attempts to direct users to a malicious site under the promise of a “giveaway” that will “double your cryptocurrency.”
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
The video appears to be old Bankman-Fried interview footage and used a voice emulator to create the illusion that he was saying “as you know our F-DEX [sic] exchange is going bankrupt, but I hasten to inform all users not to panic.”
The fake Bankman-Fried then directs users to a website stating that FTX has “prepared a giveaway for you where you can double your cryptocurrency” in an apparent “double-your-crypto” scam where users send crypto under the promise that they will receive double back.
A now-suspended Twitter account with the handle “S4GE_ETH” would have been affectedwhich led to scammers posting a link to the scam website, which now appears to have been taken offline.
The crypto community has pointed to the fact that scammers could pay a small fee to get Twitter’s “blue tick” verification to appear authentic.
Meanwhile, the video was widely mocked on one Twitter for its poor production quality user making fun of how the scam production pronounced “FTX” in the video, saying they are “absolutely using […] ‘Effed-X’ from now on.”
At the same time, it gave many the opportunity to criticize the founder of FTX, one user said “fake [Bankman-Fried] at least admits FTX is out of business” and YouTuber Stephen Findeisen shared the video stating that he “can’t tell who’s lying more” between the real and fake Bankman-Fried.
Related: Crypto scammers use black market identities to avoid detection: CertiK
Singapore authorities on November 19 warned affected FTX users and investors to be vigilant, as websites offering services that promise to help recover cryptocurrencies stuck on the exchange are scams that usually steal information such as account logins.
The Singapore Police Department issued a warning about such a website that tricked FTX users into logging in with their account credentials that claimed to be hosted by the US Department of Justice.
Others have tried to capitalize on the attention FTX and its former CEO are getting. On November 14, shortly after Bankman-Fried tweeted “What” with no further explanation, some noticed the launch of a so-called “meme token” called WHAT.
Someone just got one $ WHAT token and it’s done 4x.
It is over. pic.twitter.com/VB2UtENSGH
— Tyler (@ApeDurden) November 14, 2022
“Deepfake” videos have long been used by cryptocurrency scammers to deceive unwitting investors. In May, fake videos of Elon Musk promoting a crypto platform surfaced on Twitter using footage from a TED Talk from the previous month.
The video caught the attention of Musk at the time, who replied, “Yikes. Certainly not me.