Deepfake Scams Surge: Binance CEO Changpeng Zhao Sounds Alarm

Fake videos, stolen funds—crypto's latest plague isn't volatility. Binance's Zhao warns deepfake fraudsters are getting scarily good.

How they operate: AI-generated CEO impersonations demand 'urgent transfers.' One CFO lost $25M last month—no blockchain can undo human gullibility.

The irony? Crypto was meant to kill trust-based scams. Now it's fueling them—with help from Hollywood-grade tech and that classic finance trait: greed.

Fujimoto’s Ordeal with Deepfake Zoom Call

Mai Fujimoto shared on the social media platform X that the Zoom call involved a deepfake version of someone she presumed to be an acquaintance. The hackers had previously gained control over Fujimoto’s acquaintance’s Telegram account. During the call, Fujimoto experienced a sound problem.

The deepfake individual sent Fujimoto a LINK to resolve the issue, asking her to follow specific steps. By clicking the link and following the instructions, Fujimoto inadvertently allowed malware installation on her computer. This attack resulted not only in the compromise of her X account but also her Telegram and MetaMask accounts.

Before the meeting, Fujimoto was unaware that her acquaintance’s Telegram account had already been hacked. This case highlights how hackers combine social engineering techniques with advanced deepfake technology to gain the trust of victims.

BlueNoroff’s Tactics Mimic Fujimoto’s Experience

Fujimoto’s experience is not an isolated case. On Thursday, it was revealed that the hacker group BlueNoroff, linked to North Korea, had employed a similar tactic. The group targeted an employee of a cryptocurrency foundation.

The victim participated in Zoom meetings for weeks, viewing AI-generated deepfake videos of their company’s senior executives. During one session, when experiencing a microphone issue, the individual was prompted to download a malicious plugin allegedly to fix the problem.

Upon downloading the plugin, the victim unknowingly installed a keylogger, screen recorder, and an information-stealing software focused on cryptocurrencies, leading to prolonged monitoring and theft of sensitive information.

With threats like these becoming more sophisticated, workers in the crypto and remote sectors are particularly targeted. As Zhao emphasized, the realism of deepfake technology might RENDER traditional security measures, even video-based verifications, ineffective soon. Zhao cautioned his followers to never download software from unofficial sources.