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Scammers Deepfake Crypto Executive

Posted by Craig Reaser on September 30, 2022 - 10:28pm


Crypto bros beware. Binance CCO Patrick Hillman says that cybercriminals have been impersonating him using a convincing deepfake in order to take meetings with - and money from - a number of eager crypto projects.  "Over the past month, I've received several online messages thanking me for taking the time to meet with projects teams regarding potential opportunities to list their assets on Binance.com," Hillman wrote on the Binance blog. "This was odd because I don't have any oversight of or insight into Binance listings, nor had I met with any of these people before."                                                                                                                                                                                                                                                                                                                                                                                                                       The exec further alleged that a 'sophisticated hacking team "created the deepfake using video from "previous news interviews and TV appearances," then set up several meetings with various crypto enthusiasts. And apparently, the deepfake is pretty good - or at least "refined enough to fool several highly intelligent crypto community members." And that's striking.  Hillman didn't clarify how much money was taken, nor did he confirm how many fake meetings that the hackers got away with. But while there's no firm evidence to confirm Hillman's claims, it's not terribly difficult to believe.                                                                                                                                                                                                                                                                                                                                                                                                           Deepfake tech - some harmless and hilarious, others ill-intentioned - has come a very long way in recent years. And deepfakes aside, the web3 world is rife with scams, scemes, and hacks of all kinds. It also should be noted, however, that the fear of deepfakes might actually precede their actual prevalence. While these scams are definitely out there, some cases of high-profile "deepfake" crime have been debunked.  The exec did not state how many of these crypto projects havee been scammed, but apparently, there's been a rash of hackers faking themselves as Binance staff on multiple social platforms including Twitter, Linkedin, and Telegram, Hillman wrote.                                                                                                                                                                                                                                                                                 These fake accounts approach various leads of up-and-coming crypto projects, asking them to pay a fee for the honor of having their projects listed on Binance. The problem has become common enough that Binance has a tool to verify whether a source actually represents the exchange.   The fact that these execs were not only targeting crypto users, but crypto project teams as well, points to just how prolific scams and hacks are in the larger crypto community. The FBI has said users are being regularly scammed by fake crypto apps, losing about $42 million in total the past year. While some of the largest crypto heists have envolved hackers infiltrating web3 networks, usually abusing security flaws found in connection with web2 applications, other scams called "RUGPULLS" get users to sign up with false promises before simply taking the funds and disappearing.                                                                                                                                                                                                                                                                                                                                                                                                                         Binance now has a support center, which shows up as one of the first options in Google searches. Of course, part of the issue is that Binance does not claim any home country for their HQ, arguing they are "decentralized".  One of their main offices is located in the Cayman Islands, though even that vague destination has come under scrutiny in the past. Still, sophisticated deepfake technology has been a tough nut to crack for many high profile individuals. Researchers have proved many online accounts on Linkedin are AI generated.                                                                                                                                                                                                                                                                           Law enforcement officials have said that deepfakes are being used more and more to apply to remote jobs. The best way to tell a deepfake from an actual human is to watch for any video defects or visual glitches or skin texture that doesn't seem real. Still, many scammers use low quality cameras to try and mask any sign the person behind the camera is a digital image.                                                                                                                                                                                                                                                                                                                                   -by KYLE BARR  - GIZMODO