July 16, 2024
YouTube Hit by Deepfake Ripple Scam, Redditors Sound the Alarm
AI

YouTube Hit by Deepfake Ripple Scam, Redditors Sound the Alarm

Cryptocurrency enthusiasts on Reddit have raised alarm bells after discovering a deepfake video featuring Ripple CEO Brad Garlinghouse. The video, spotted by Reddit users, depicts an AI-generated likeness of Garlinghouse urging XRP holders to send their coins to a specified address with the promise of receiving double the amount in return – a classic strategy employed by fraudsters.

Reports in a Reddit thread indicate that users have encountered this deepfake advertisement on YouTube as early as November 25 and December 3. In the video, the fabricated Garlinghouse character invites viewers to participate in an XRP event, soliciting token transfers to a designated address. The fraudulent promise of returning double the amount serves as a common tactic used in various scams.

Ripple’s Chief Technology Officer, David Schwartz, had previously cautioned investors about the rise of XRP scams following a favourable court ruling in July. Schwartz emphasized that there were no associated airdrops, giveaways, or special offers tied to the court decision against the Securities and Exchange Commission (SEC).

Despite the glaring signs of a potential crypto scam, a Reddit user revealed that Google has refused to take down the misleading advertisement. A screenshot of Google’s Trust and Safety Team response showed that they deemed the ad not in violation of their policies and requested additional information within six months.

Reddit users shared an unlisted link to the deepfake ad on YouTube, expressing concern over its visibility despite being unsearchable on the platform. At the time of writing, the video had garnered over 17,000 views. Community members cautioned against interacting with the video’s QR code to prevent potential financial losses.

As deepfake technology becomes increasingly sophisticated, the incident raises questions about the responsibility of tech platforms in combating fraudulent activities. The crypto community remains vigilant, urging users to exercise caution and report suspicious content to prevent further exploitation.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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