Cybertrace warns of deep fake crypto

Cybertrace, deep fake, crypto scam, Australian billionaire, warning, cybersecurity, fraud protection

Cybertrace’s CEO, Dan Halpin, speculates that the crypto scammers are likely well-versed in sales and marketing based on the “convincing” ruse.

U.S. Senator Cynthia Lummis (R-Wyo.) has disclosed that the much-anticipated legislation aimed at establishing regulations for U.S. stablecoin issuers is currently the focus of delicate negotiations. Lummis emphasized that discussions are ongoing daily, not only between Democrats and Republicans but also between the U.S. Senate and the House of Representatives.

As a prominent advocate for crypto policy in the Senate and co-author of a comprehensive legislative initiative to regulate digital assets, Lummis expressed optimism about the potential success of the stablecoin component this year. She highlighted that the proposed legislation has garnered favorable technical assistance feedback from the Federal Reserve.

Lummis conveyed her optimism, stating, “I’m optimistic that we will see stablecoin legislation this year and possibly even in the first half of this calendar year.” She also noted the challenges of addressing complex legislative issues as the year progresses and elections draw near, as members of Congress shift their focus towards re-election and maintaining their party’s majority.

The fake film attempts to control Forrest’s behavior and facial expressions from an October “fireside chat” that Rhodes Trust sponsored.

Cybertrace claimed to have found the deepfake on Facebook on January 27, when the millionaire appeared to be endorsing a phony cryptocurrency trading app.

The former CEO of Fortescue Metals Group, a mining company in Western Australia, is Forrest. With a $29.4 billion net worth, he is among Australia’s most successful businessmen, according to Bloomberg.

The scam footage concludes with Forrest urging viewers to sign up for the platform before it’s too late.

Cybertrace warned users to be extra cautious amid a recent spike in deep-fake fraud.

Related: Michael Saylor has been removing 80 deep fake videos of himself daily

Deep fake technology has drawn the attention of U.S. lawmakers due to the widespread circulation of fake photos of Taylor Swift. United States Representative Joe Morelle is advocating for criminalizing the production of deep fake images in the country.

This trend of impersonating high-profile Australian business people and politicians coincides with reports of Australians losing over 3.1 billion Australian dollars ($2 billion) to scams in 2022, according to the country’s competition and consumer regulator.

Furthermore, there has been a significant increase in losses to investment scams involving cryptocurrency as the payment method, with $148.3 million (221.3 million Australian dollars) lost in 2022, marking a 162.4% rise from 2021.

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