New Elon Musk Crypto Scam Deepfake Promises 30% Returns On Deposits

Tesla CEO Elon Musk continues to be the target of online con artists who are using his image to rob traders of their cash – with a new deepfake video depicting the billionaire entrepreneur making the rounds on Twitter.

A short video, reposted by user DogeDesigner, shows Musk being interviewed, encouraging viewers in a clearly manipulated audio track to invest in the BitVex trading platform.

“Today we are launching an investment project that is working right now if you see this video. Absolutely everyone can earn everything, it’s very simple,” the deepfaked Musk says, promising the scam’s potential victims a 30% return on deposits made in crypto.

Elon Musk's deep fake video promoting a new cryptocurrency scam going viral. The video claims that the trading platform is owned by Elon Musk, and offers 30% returns on crypto deposits. @elonmusk pic.twitter.com/iJeUvHYc5p

— DogeDesigner (@cb_doge) May 24, 2022

Musk’s response to the tweet was brief, yet left no doubt about the authenticity of the video and his involvement with the crypto scam effort.

“Yikes. Def not me,” the tech entrepreneur said.

On its official website, the ‘trading platform’ attempts to convince potential victims to invest their crypto by listing Musk as “CEO of Tesla Motors & BitVex” and providing a fake quote by the businessman which states that this project “is a revolution that will provide everyone with money and provide the world with new opportunities.”

Scamcoin promoters have long resorted to deepfakes to drum up demand among potential investors. Scammers impersonate anyone from influencers to high-profile crypto figures, but also ordinary people to gain victims’ trust.

Earlier this year, Miranda, an e-commerce worker who did not wish to disclose her real name because her company had not given her permission to speak publicly, was targeted by such an attack when imposters released a deepfake video of the Melbourne woman promoting a crypto scam and published it on her Instagram account.

Watch the full “Elon Musk” video below: