Yesterday’s “Glowtime” event, during which Apple live-streamed its iPhone 16 launch, became a target for crypto scammers exploiting the hype.
Cybercriminals used deepfake technology to imitate Apple CEO Tim Cook in fake live streams, convincing viewers to send cryptocurrency to fraudulent wallets.
In one such stream, an AI-generated version of Cook urged viewers to send Bitcoin, Ether, Tether, or Dogecoin, claiming that Apple would double their deposit. In the fake video, Cook was saying, “Once you complete the deposit, the system will automatically process it and send back double the amount of cryptocurrency you deposited.”
The fake livestream attracted significant attention, with over 355,000 people watching before YouTube eventually took it down. The video was posted by a YouTube account impersonating Apple, nicknamed “Apple US.”
Another similar scam appeared on a fake YouTube account called “Apple’s Live,” which advertised the “biggest crypto giveaway of over $100,000,000.” Like the first scam, it asked viewers to send cryptocurrency to a specific wallet, promising double the amount in return. YouTube also shut down this video after it was flagged.
On X, several users reported fake videos involving crypto scams, tagging YouTube in their posts. One user wrote, “@TeamYouTube This YouTube channel is hacked and streaming in the name of @Apple and scamming people to buy cryptocurrency. 500K people are watching currently.”
The use of artificial intelligence in crypto scams is on the rise, and, as the digital space expands, so do the methods used by scammers.
Last year, a senior lost over $250,000 in cryptocurrency through an alleged online romance scam.
Despite such incidents, a report from PeckShield, a blockchain security company, showed a decline in overall cyber theft in 2023. The report revealed that losses from hacks and scams fell to $2.61 billion, a 27.78% decrease compared to the $3.6 billion lost globally in 2022. However, the financial losses from scams remain significant.
In response to the growing threat of online fraud, major crypto exchanges, including Coinbase and Kraken, have formed the “Tech Against Scams” alliance. The coalition, launched in May, aims to combat online scams and protect users in the crypto space.
