Crypto Platform Fraud Escalates: Andrew Forrest Becomes Latest Deepfake Victim
A deepfake video showing Australian tycoon Andrew Forrest endorsing a scam cryptocurrency platform, ‘Quantum AI’, has sparked outrage after appearing on Facebook. This incident is the newest addition to a growing list of bogus advertisements featuring manipulated visuals of well-known personalities, thereby fueling distrust in media. Identified by Cybertrace, the video distorts Forrest’s words and actions from a prior ‘fireside chat’ held by the Rhodes Trust in October 2023. Despite Meta, the parent company of Facebook and Instagram, banning deepfakes in early 2020, these fraudulent videos still pose a significant problem on their platforms. Forrest, along with other high-profile figures such as Michael Saylor of MicroStrategy and Elon Musk of Tesla and SpaceX, have fallen prey to these deceptive endorsement videos. The rise in AI-created deepfake videos is an increasing security concern globally, with data from Sumsub showing a marked surge in North American deepfakes from 2022 to Q1 2023. This trend underscores the severity of crypto platform fraud.
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