Deepfakes in crypto scams: spotting and stopping synthetic fraud

Deepfakes are reshaping classic crypto frauds, from fake giveaways to hijacked livestreams.

AI-generated videos and voice clones are becoming a new layer of disguise for classic crypto frauds. Scammers are increasingly wrapping “double-your-crypto” giveaways, fake airdrops and counterfeit “AI trading platforms” in synthetic media to boost credibility. Industry investigators report a sharp rise in AI-enhanced fraud tactics over the past years. Several case studies highlight deepfake campaigns impersonating figures like Elon Musk and crypto-industry CEOs to funnel viewers toward scam sites or livestreams.

What are deepfakes?

Deepfakes are hyper-realistic video or audio clips created with artificial intelligence. By training on hours of existing footage or recordings, AI models can convincingly replicate a person’s appearance and voice. While this technology has legitimate uses in media, entertainment, and education, it has also become a powerful weapon for fraudsters.

Why deepfakes work

Crypto markets have always attracted scams: they move quickly, involve complex technology and appeal to a global audience seeking fast gains. Deepfakes amplify this environment with new psychological levers:

• Credibility theft: A fabricated video of Elon Musk, Vitalik Buterin or another well-known figure can make even a dubious project appear legitimate.
• Speed of spread: Deepfakes can go viral on social platforms within minutes, often reaching thousands before detection systems or moderators step in.
• Emotional triggers: Seeing and hearing a “trusted” voice intensifies FOMO, prompting rash decisions and fast clicks.

Platforms have started deploying synthetic media detection and policy enforcement, but deepfakes remain a fast-moving and evolving threat vector in crypto fraud.

How scammers use deepfakes in crypto

Scammers lean on deepfakes to borrow the authority of familiar figures. Elon Musk remains the most common target, with AI-generated “Musk” videos promising giveaways or promoting “can’t-miss” platforms, often pushed via compromised, verified YouTube channels that are rebranded to run long livestreams with QR codes and wallet links. CloudSEK documented a wave of these “Double the Money” streams and listed at least fifteen hijacked channels broadcasting the deepfake format.

Musk isn’t alone. Musk isn’t alone. Ripple is also a frequent target. In a post on X, Ripple reminded followers that rallies in the crypto market often lead to an uptick in scams. The company highlighted tactics such as AI-generated videos, as well as fake airdrops giveaways including clips impersonating CEO Brad Garlinghouse.

Not all attacks focus on individuals. In June 2025, the Houston Museum of Natural Science had its Instagram hijacked; attackers posted a deepfake Musk video promoting a “$25,000 BTC giveaway,” a case documented by TRM and confirmed by local news.These institutional hijacks underline how stolen trust plus synthetic media scales reach very quickly.

Finally, some operations run at boiler-room scale. According to The Guardian, a network under the AdmiralsFX brand combined deepfake celebrity promos with phone-bank pressure and fake trading dashboards. Victims were shown manipulated videos and lured into what looked like a cryptocurrency investment platform, then groomed over weeks by call-centre staff. More than 6,000 people were defrauded of about £27 million, illustrating how synthetic media can serve as one component in complex, multi-channel crypto scams.

How to spot (and avoid) deepfake crypto scams

• Check the origin, not the face. If a video claims a giveaway/airdrop, confirm the same announcement on the official site and the project’s verified social and cross-check recent posts.
• Assume “send to receive more” = scam. Legit teams don’t ask you to deposit to a random site or QR code to “double” funds.  
• Inspect the domain. Watch for misspellings or brand-new domains, avoid connecting wallets to unknown dApps from livestreams.
• Treat live-streams with caution. YouTube takeovers are common. If you didn’t navigate from the verified profile’s home page, don’t trust the stream.
• Sanity-check with reputable coverage. If a major figure really launched something, you’ll see it in mainstream crypto/tech press, not just a single viral video. 

For now, the golden rule remains: if it looks too good to be true, it probably is. In the age of AI-powered deception, trust must come from verifiable security practices.

Stay tuned for more insights from 1inch as we explore the latest trends in DeFi!