Three Canadian men have lost a combined total of over $273,000 to a sophisticated cryptocurrency investment scam that used deepfake videos.
Deepfakes Lure Victims
The victims were tricked into investing after watching videos that appeared to feature prominent figures like Prime Minister Justin Trudeau and Elon Musk. These videos were actually deepfakes, manipulated using artificial intelligence to make it seem like the real people were endorsing the investment scheme.
One victim, Mohammad Haque, saw a video of Trudeau explaining how to make money through cryptocurrency. He invested $880 and thought he had made a profit of over $424,000. But when he tried to withdraw his funds, he discovered his account was empty. He lost a total of $165,610.
Darrell Budnick, another victim, saw a similar deepfake video and lost $95,262. He described the experience as “scary” and said it has taken a toll on his health.
Giovanni Pugliano was tricked by a deepfake video of Elon Musk promoting cryptocurrency investments. He lost $12,457.
Cryptocurrency Scams on the Rise
These incidents are part of a growing trend of cryptocurrency scams. The Canadian Anti-Fraud Centre reported that investors across the country lost over $108 million to fraudulent investment scams in the first half of 2024, with cryptocurrency schemes being the most common.
This is a reminder that you should always be cautious about investment opportunities, especially those that seem too good to be true. Do your research and never invest more than you can afford to lose. If you see a video promoting an investment opportunity, be sure to verify its authenticity before investing.
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