A fake video by Sam Bankman-Fried made viral Twitter news about FTX’s former CEO. SBF seemed to promise victims of FTX that it would make them whole by doubling their money via a typical giveaway scam. This fraud was promoted via a Twitter account verified by SBF. The exact impersonation made it worse.
Deepfake Coupled with Giveaway Scam
Deepfake video directed viewers to a website that allowed them to enter a giveaway to win cryptocurrency. Crypto giveaways are a common fraud in which the victim gives tokens but gets nothing back. Often, the con artist uses fake celebrity accounts.
The website is registered to a Nevis resident, an island near Puerto Rico. It prominently displays Bankman Fried’s face as well as the FTX emblem.
Con-artists on the Rise after FTX Collapse News
The self-described altruistic genius behind the collapsed bitcoin exchange FTX owes $3B to creditors and has balances that are so questionable that the future looks very bleak. As FTX burns, its shareholders are looking for some kind of compensation. This has made it easier to con artists to get involved.
Read More: SBF Receives $1Bn in Personal Loans from Alameda Research
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Everyone was taken by surprise when the viral deepfake video appeared to be from SBF.
“Hello everyone. “Hello everyone. As you all know, our FTX exchange has gone bankrupt. However, I have to inform you that you don’t need to panic. We have prepared a giveaway to compensate for the loss. You can double your cryptocurrency. Go to the website ftxcompensation.com to find out how you can do this.

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The website said, on the other hand, that “At this difficult moment, we will give to you the opportunity of getting 5,000 BTC and 50,000 ETH.”

The website constantly updates a list with false transactions in order to persuade users that they should send cryptocurrency. The associated Ethereum address now holds slightly more than $1,000 in Ethereum, while the associated Bitcoin account has not yet received any coins.
The Twitter account was suspended since then. The SBF deepfake could still reappear, given the platform’s growing security problems and the persistence of scammers.

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