PM of Singapore Alerts Residents to Deepfake Crypto Scam Using His Image

PM of Singapore Alerts Residents to Deepfake Crypto Scam Using His Image

Lee Hsien Loong, the prime minister of Singapore, has warned his social media followers of the dangers of deepfake videos.

These videos use his voice and image to promote cryptocurrency scams.

In posts made across various platforms, Loong urged his followers to exercise caution and not fall for scammers who employ artificial intelligence (AI) technology to create convincing deepfakes.

The scammers falsely claim that the prime minister guarantees investment returns and crypto giveaways.

By spreading awareness of this scam, Loong aims to protect his followers from being scammed.

Cryptocurrency scams are on the rise, and one victim is Loong, who shared an example video of himself being interviewed, which was created by scammers to endorse a fraudulent “hands-free crypto trading” scheme.

“The use of deepfake technology to spread disinformation will continue to grow,” said Loong.

“We much remain vigilant and learn to protect ourselves and our loved ones against such scams.”
This is not the first time that Loong has been targeted by scammers.

In the past, he has lost money to schemes such as fake ICOs and phishing attacks.

In 2021, for example, a scammer created a profile on BitClout to sell tokens using fake social media accounts.

In addition, Loong and Deputy Prime Minister Lawrence Wong faced inquiries from lawmakers following the collapse of FTX in 2022. This underscores the importance of being vigilant when dealing with cryptocurrency platforms.

In 2020, hackers compromised the accounts of prominent Twitter users to promote a Bitcoin scam. This included former United States President Barack Obama and President-elect Joe Biden.

The hackers managed to steal their followers and use them to promote the scam.

$2 Billion Stolen in 2023

Surprisingly, this was a slight decline from the $2.5 billion stolen in 2018. While this could be seen as a positive development, it’s worth noting that the industry is still being targeted by cybercriminals at an alarming rate.

In fact, out of the top 100 blockchain companies, over 60% have reported being hacked in some way.

Crypto hacking incidents have been on the rise since 2021, with the most devastating hacks resulting in millions of dollars in losses. However, the first decrease in crypto hacking incidents was recorded in 2019.

The REKT database ranks the most devastating crypto hacks, ranging from the historic breach of the Ronin network in 2022,

Where hackers looted over $600 million in crypto, to the recent attack on Mixin Network, resulting in a haul of approximately $200 million.

In its report, De.FI highlighted the cumulative amount of stolen funds across multiple incidents, which served as a testament to both the persisting vulnerabilities and the progress made in addressing them,

Despite muted interest in the space during the first half of the year due to the ongoing bear market.

This staggering sum was a result of major hacks on exchanges, wallets, and other crypto businesses.
The most notable of these thefts was the Euler Finance hack, which resulted in losses of nearly $200 million.

Other major breaches targeted Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million), among countless others.

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