The video from Tesla Inc TSLA CEO Elon Musk and Ark Invest founder Cathie Wood are reported to have been used to promote a trading platform that steals users criptocurrency.
According to a recent report from Bleeping Computers, a fake platform called BitVex claims to be owned by Elon Musk and promises 30% returns on any deposits of cryptocurrencies.
Deepfake technology has been applied to existing public video interviews of Musk, Wood, and other influential people to make it look like these individuals are promoting the project.
Bleeping Computer found that the BitVex platform randomly displays fake withdrawals of several cryptocurrencies, including Bitcoin BTCUSD, Ethereum ETH USD, and Cardano ADA USD, in order to make their platform appear more legitimate to users.
It's a common theme amongst criptocurrencies scammers, as it seems to be impersonating Musk. Earlier this year, scammers made $580,000 by using Tesla CEO's name in their schemes.
Both Musk and Doge coin DOGE USD creator Billy Markus have urged Twitter Inc. TWTR to take action against Cryptocurrencies giveaway scams on multiple occasions.
Price Action: According to the data from Benzinga Pro, BTC was trading at $29,248 at press time, down 2.8% over the last 24 hours.