Prime Minister of Singapore Warns Against Deepfake Cryptocurrency Scams


The prime minister of Singapore, Lee Hsien Loong, has warned his social media followers that deepfake videos using his likeness and voice to promote fake cryptocurrency schemes are becoming more common.

X (formerly Twitter), LinkedIn, and Facebook were among Loong’s social media accounts he used on December 28 to warn his followers about deepfakes that impersonate him and promise “investment returns” or cryptocurrency giveaways. The scammers behind these accounts use AI technology.

For the sake of promoting a fake version of “hands-free crypto trading,” he even provided a link to a misleading video in which he was featured in an interview.

As Loong emphasizes, deepfake technology poses an increasing threat to the spread of false information. He emphasized the need to be alert and learn to protect oneself and others close to them from these types of frauds.

Prime Minister Loong had already fallen victim to con artists before the widespread use of AI-based technologies in this field. A word of warning to Singaporeans be wary of cryptocurrency sites, he said in a 2021 warning.

At the time, there were worries about identity theft and fraud due to people creating bogus identities on sites like BitClout and selling tokens using phony social media accounts.

Legislators questioned Loong and Deputy Prime Minister Lawrence Wong after the 2022 collapse of the FTX exchange, demonstrating the government’s determination to protect its people from cryptocurrency-related dangers.

Since the beginning of the bitcoin industry, fraud has been rampant. Scammers have used a wide array of techniques to trick consumers into giving up their real money or cryptocurrency.

In 2020, hackers gained access to the Twitter accounts of prominent figures and used them to promote a Bitcoin scam. Among these accounts were those of former US President Barack Obama and President-elect Joe Biden.

These examples show how difficult it is to fight cryptocurrency fraud and how important it is for prominent people to speak out against digital financial theft. Prime Minister Lee Hsien Loong is one such public figure.

Also Read: Ben Armstrong cautions against a hasty investment in XRP

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