On September 9, 2024, during Apple’s highly anticipated “Glowtime” event, crypto scammers capitalized on the buzz surrounding the iPhone 16 launch by flooding YouTube with sophisticated deepfake videos.
These fraudulent streams featured an AI-generated version of Apple CEO Tim Cook, urging viewers to invest in fake cryptocurrency schemes.
The incident highlights a growing trend where scammers use deepfake technology to deceive unsuspecting viewers, exploiting the visibility of major events for illicit gains.
The Rise of Deepfake Scams Crypto Scammers: Tim Cook as a Crypto Promoter
Scammers strategically released the fake live streams just as the world was tuning in to see Apple’s latest innovations.
The deepfake version of Tim Cook made bold promises, claiming that any cryptocurrency deposit made to a specified “contribution address” would be doubled.
Viewers were encouraged to send Bitcoin, Ether, Tether, or Dogecoin, with the fraudulent Cook stating, “Once you complete your deposit, the system will automatically process it and send back double the amount of cryptocurrency you deposited.”
This type of scam—commonly known as the “double-your-money” trick—is nothing new in the cryptocurrency space.
However, using deepfake technology and a globally recognized figure like Tim Cook to enhance the scam’s credibility marks a significant escalation in fraud tactics.
How Scammers Leveraged iPhone 16 Launch Hype
The scam was designed to prey on the excitement surrounding Apple’s iPhone 16 release, a time when millions of people were following the company’s announcements.
One of the fake livestreams, cleverly disguised as being broadcast by “Apple US,” even carried a verified badge, giving it a layer of authenticity that fooled viewers into believing it was the real deal.
The channel managed to amass over 350,000 viewers, though many of these views were likely generated by bots to increase the perceived legitimacy of the stream.
This tactic of clone channels with verified badges is becoming increasingly common in crypto scams by crypto scammers. By mimicking reputable accounts and using AI to create realistic deepfakes, scammers can trick more people into falling for their schemes.
YouTube’s Response to the Scam Livestreams
As reports of the fraudulent livestreams flooded in, YouTube’s support team took swift action. They responded to user complaints on X (formerly Twitter), urging viewers to report any suspicious activity.
The fake live streams were promptly removed, and the channels associated with them were deactivated.
Despite this, YouTube has yet to issue a comprehensive statement on how it plans to tackle the rising threat of deepfake scams in the future.
This incident has renewed calls for platform accountability, with users demanding more robust measures to prevent such scams from proliferating on major platforms like YouTube.
Why Are AI-Driven Scams on the Rise?
The exploitation of deepfake technology in scams is not limited to the Tim Cook incident. Earlier in June, another deepfake video went viral, this time featuring Elon Musk allegedly promoting a crypto scam during SpaceX’s Starship rocket launch.
These scams have become increasingly sophisticated, using AI tools to create hyper-realistic videos that impersonate high-profile individuals.
According to the World Economic Forum’s 2024 Global Risks Report, the misuse of AI technologies, including deepfakes, is a growing concern.
The report highlights the potential for AI-driven fraud to increase as these technologies become more advanced and accessible.
Scammers can now create convincing deepfakes with minimal technical expertise, making it easier for them to impersonate public figures and exploit major events for financial gain.
The Impact of Deepfake Scams on the Crypto Community
For the crypto community, these scams represent a significant threat. The combination of deepfake technology and cryptocurrency’s decentralized, anonymous nature makes it difficult for law enforcement to track and prevent these scams.
The victims, many of whom are new to the crypto space, often lose their investments with little to no recourse.
Furthermore, incidents like the iPhone 16 launch scam erode trust in both cryptocurrency and the platforms that allow such scams to spread.
As these scams become more prevalent, there will likely be increased calls for stricter regulations and better security measures across both social media platforms and the broader crypto ecosystem.
Protecting Yourself from Deepfake Crypto Scams
In the face of this rising threat, users need to take steps to protect themselves from falling victim to deepfake crypto scams by crypto scammers. Here are a few tips:
- Verify sources: Always double-check the authenticity of any video or live stream, especially if it involves financial transactions. Even if the channel appears legitimate with a verified badge, cross-check with official websites or trusted news sources.
- Be skeptical of “too good to be true” offers: Scams that promise to double your money are almost always fraudulent. Cryptocurrency, like any other investment, doesn’t offer guaranteed high returns.
- Report suspicious activity: If you come across a deepfake video or other fraudulent content, report it immediately to the platform. The faster these scams are taken down, the fewer victims they can claim.
Conclusion: The Growing Threat of AI-Driven Fraud
The iPhone 16 launch deepfake scam marks a dangerous turning point in how scammers operate. By leveraging AI and major global events, they can craft convincing frauds that target thousands of unsuspecting individuals.
As deepfake technology continues to evolve, the threat of similar scams is likely to increase, posing new challenges for both the crypto community and the platforms tasked with preventing these incidents.
As users, staying informed and vigilant is the first line of defense. However, platforms like YouTube must also step up their efforts to combat these scams, developing new tools and strategies to detect and remove deepfake content before it can cause harm.
In the ever-evolving landscape of crypto and AI, it’s more important than ever to approach any offer with caution, especially when it appears during high-profile events like Apple’s iPhone 16 launch.
