Coinbase Warns Trump Deepfake Scams Spread After Verdict
Amid growing concerns about digital security, Coinbase has warned about the increasing prevalence of deepfake scams in the cryptocurrency industry.
This warning comes against the backdrop of the increasing use of fake AI images and videos to spread fake news and information on social media platforms, especially following the recent conviction of former United States President Donald Trump.
Trump’s Deepfakes Spread After Conviction
Following the verdict in Donald Trump’s trial for falsifying business records, the former president’s followers posted a wave of AI-generated photos depicting Trump as the victim of a conspiracy.
Several recognizable profiles on X, formerly known as Twitter, promoted these deepfakes soon after a New York jury reached its verdict. This strategy highlights a commonly applied strategy in the use of deepfakes, especially to influence perception and spread fake news.
This was confirmed by Jeff Lunglhofer, Coinbase’s Chief Information Security Officer (CISO), who noted the increasing sophistication and frequency of deepfakes. He noted that platforms such as YouTube were most affected by the scams because the published content did not appear to violate users’ rules of conduct and did not activate the alarm security system that can detect generally accepted violations such as nudity. or terrorism.
Deepfake Scams Target Crypto Administrators
While expressing his concerns at the Consensus conference, Lunglhofer emphasized that deepfake, the new development in artificial intelligence technology, will definitely harm the crypto industry. This was highlighted by videos spoofing real-life images of crypto CEOs like Coinbase’s Brian Armstrong or ripple‘s Brad Garlinghouse used to advertise fake token giveaways.
These deepfakes can appear very realistic, making it difficult to distinguish between illegitimate and real content.
Current deepfake technology is becoming more sophisticated, which means more and more believable scams can be expected and may be harder to detect. Lunglhofer pointed out that vigilance alone is not enough to deal with these dangers, and suggested taking further measures to ensure the security of assets and transactions.
Improving Security in Crypto Transactions
Since the crypto industry involves significant risks in its transactions and services, Lunglhofer calls for stricter security measures. He recommends using facilities such as safe deposit boxes and multi-signature protocols, which impose a waiting period before making large amounts of money transactions.
This extra layer of protection can help reduce erratic behavior that leads to significant fund losses.
For small and routine purchases, Lunglhofer approves the use of passkeys, where they generate a security token for a specific user device that cannot be copied or modified. This method is more secure than simple SMS-based authentication, which he says is too easy to hack and was never designed to provide security.
Also read: Mt Gox $10 Billion Bitcoin Distribution Won’t Affect BTC Price: Details
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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
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