Apple Co-Founder Slams YouTube for Allowing Bitcoin Scam with Misleading Image

Apple co-founder Steve Wozniak has slammed YouTube for not taking down a Bitcoin scam video that used his image to steal cryptocurrency. Wozniak's wife reported the scam, which used a video of Wozniak discussing Bitcoin with a misleading message promising double the amount sent. Despite multiple requests, the video remains on YouTube, and Wozniak's 2020 lawsuit against the platform has not resulted in action. The incident highlights the need for caution when consuming online content, especially with the rise of AI-driven deepfake videos.

Apple co-founder Steve Wozniak has criticized YouTube for failing to remove a Bitcoin scam video that used his likeness to deceive viewers into sending cryptocurrency. The scam, which surfaced several years ago, used real footage of Wozniak discussing Bitcoin with a misleading message promising double the amount sent. Despite multiple requests, the video remains on YouTube, and Wozniak's 2020 lawsuit against the platform has not yielded action.

Wozniak discovered the scam when his wife, Janet, received an email from a victim asking when they would get their money back. The scammers had taken a video of Wozniak talking about Bitcoin and edited it to appear as if he was endorsing the offer. The incident highlights the increasing prevalence of AI-generated deepfake videos and the urgent need for robust content moderation on online platforms.

Wozniak's criticism of YouTube echoes concerns raised by UK Liberal Democrat MP Max Wilkinson, who has called for ads on the platform to be regulated to the same standards as television and radio in the UK. Wilkinson warned that unscrupulous advertisers must not be allowed to exploit people using loopholes.

Google, which owns YouTube, has been criticized for its content moderation abilities. In 2024, the company removed over 5.1 billion ads and restricted another 9.1 billion, suspended 39.2 million advertiser accounts for major violations, and blocked ads on 1.3 billion publisher pages. However, Wozniak and others argue that these efforts are not sufficient to combat the rising tide of online fraud.

The incident also underscores the growing threat of deepfake fraud, which drove 40% of high-value crypto fraud last year, according to a report. As AI technology advances, the ability to create convincing deepfakes increases, making it more difficult for platforms to detect and remove fraudulent content.

Investors and financial professionals should remain vigilant when consuming online content, especially when it involves cryptocurrency. The incident with Wozniak serves as a reminder of the importance of verifying information and being cautious when engaging with online offers.

References:
[1] https://finance.yahoo.com/news/apple-co-founder-steve-wozniak-123103731.html
[2] https://www.bitdegree.org/crypto/news/steve-wozniak-accused-youtube-over-fake-crypto-ad-that-fooled-viewers