Elon Musk Chooses BitVex Over Dogecoin in His Deepfake Video

This deepfake video of Elon Musk is triggering several alarms amid investors in the crypto market

Crypto scams are on the rise. Recently, cryptocurrency scammers are using deepfake videos of Elon Musk and other eminent cryptocurrency influencers to promote a crypto trading platform called BitVex that steals deposited currency. BitVex is a fake cryptocurrency trading platform that claimed to be owned by Elon Musk, who apparently built this site to enable users to earn up to 30% returns on their digital asset deposits.

Apparently, this scam project started earlier this month with false actors and scammers creating and hacking existing YouTube accounts to post deepfake videos of Elon Musk, Cathie Wood, Brad Garlinghouse, Charles Hoskinson, and several other eminent personalities who are also known to the world as some of the greatest cryptocurrency advocates. These videos seem like authorized interviews that are edited using deepfake technology. It uses a person's voice in a script provided by the scammers. But if you notice a little carefully, the deepfake technology matches a person's lip movements to the scammer's provided script.

But as far as Musk's video went, it was not particularly well-produced. His movements and facial expressions were visibly turbulent. Infact, even the audio sounded more like a machine-generated tone than a regular human voice. Currently, BitVex's official website is inaccessible and this is alerting more and more social media users.

Not necessarily every crypto website in the world supports a scam or is a scam. But investors have to be extremely careful before treading in the crypto market. You should not be clicking on unknown links, tweets, videos, or other messages that claim to generate an extreme amount of profits within a short period of time. Beware of these giveaways, because no matter how much you give, you will never generate anything in return.