Deepfake Billionaire: Crypto Scam Nets $1.48M

Scammers have exploited the likeness of Tanzanian billionaire Mohammed Dewji in a sophisticated crypto fraud scheme, netting over $1.48 million. The scam involved the use of deepfake technology to create convincing videos of Dewji endorsing a fake cryptocurrency, dubbed "$Tanzania" token.

The fraudulent campaign began when hackers gained control of Dewji's social media account, which has a following of over 2.2 million. They used the account to promote the bogus token, duping investors into buying it. The scammers employed deepfake videos to make it appear as if Dewji was genuinely endorsing the venture. Despite Dewji's immediate denial of any involvement and warnings issued by his team, the scammers continued to distribute deceptive content through his hacked account.

The deepfake videos showed Dewji in his home office, holding a sheet of paper with "$Tanzania" written on it. A second video was created to give the impression that Dewji had not been hacked and that the token was legitimate. These videos reached a wide audience, convincing more investors to join the scam. Even after some posts were deleted, additional deepfake videos continued to circulate, further propagating the fraud.

The scam went undetected for some time, allowing investors to fall victim to the scheme. By the time authorities discovered and intervened, the scammers had already amassed over $1.48 million. The increasing prevalence of social media scams and AI-driven hacking in the cryptocurrency market highlights the growing risks associated with this unregulated space.

Dewji and his team are working to regain control of his social media platform and raise awareness about the scam. Experts advise investors to be cautious and thoroughly verify information before investing in cryptocurrencies to avoid falling victim to similar frauds in the future.