Australian tycoon Andrew Forrest embroiled in deep fake crypto scam, Cybertrace warns
Cybersecurity experts from Cybertrace have issued an alert regarding a highly sophisticated deep fake video that features Australian mining tycoon and entrepreneur Andrew “Twiggy” Forrest endorsing a fraudulent cryptocurrency trading platform on social media.
The deceptive video, discovered on Facebook, lures viewers into joining a sham platform called “Quantum AI,” which promises significant daily earnings for regular people. Cybertrace has identified Quantum AI as a term frequently associated with scams and financial fraud.
Dan Halpin, the CEO of Cybertrace, expressed his concerns to The Australian, stating that the deep fake video is incredibly convincing due to its length and repetitive sales pitch, making it easy to mislead individuals. The manipulated video alters Forrest’s appearance and mannerisms from a Rhodes Trust “fireside chat” in October, presenting him as an advocate for a fraudulent cryptocurrency trading software.
In the manipulated video, an artificially generated version of Forrest guarantees potential partners a “once-in-a-lifetime opportunity” to join what is claimed to be the world’s most intelligent stock and cryptocurrency trading software. Supposedly, this software ensures daily profits ranging from $700 to $2,200 for over nine months, regardless of market conditions.
Forrest, who is widely recognized as one of Australia’s most successful entrepreneurs with a reported net worth of $29.4 billion, is depicted in the scam video urging viewers to seize this opportunity before it’s too late.
This recent incident highlights the broader issue of escalating digital fraud in Australia. In 2022, Australians lost over $3 billion to cryptocurrency scams, underscoring the increasing sophistication and impact of these schemes.
In September 2023, the Australian Securities and Investments Commission (ASIC) unveiled a new four-year strategy to intensify its efforts against digital scams, including those involving cryptocurrencies. This reflects the nationwide concern over the proliferation of fraudulent activities.
Similar deceptive tactics were observed in fake Elon Musk YouTube streams, which resulted in a cryptocurrency scam amounting to $165,000. This demonstrates scammers’ reliance on deep fake technology and social engineering to exploit unsuspecting victims.
Furthermore, during a hearing on November 16th, U.S. Senator Elizabeth Warren raised awareness about the risks associated with cryptocurrency scams, particularly those targeting senior investors. This highlights the global challenge of combating these digital threats.
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