Polygon Co-Founder Warns of Deepfake Scams Targeting Crypto Startups

Sandeep Nailwal, co-founder of Polygon, has issued a warning about a rising trend of deepfake scams that use his likeness to deceive founders of cryptocurrency startups. Polygon is recognized as one of the largest Ethereum layer-2 networks, making Nailwal a prominent figure in the crypto community.

In a May 13 social media post on X, Nailwal revealed that several individuals had reached out to him to verify if he had participated in Zoom meetings with them. However, Nailwal clarified that he had not been involved in these meetings. The scammers had used manipulated videos of him to gain the trust of the victims and trick them into installing harmful software.

The scam began with the compromise of the Telegram account belonging to Shreyansh Singh, who leads Polygon Ventures. From there, the attackers messaged startup founders affiliated with Polygon’s investment network, pretending to reconnect for funding discussions. Interested recipients were then invited to join Zoom meetings through phishing links that were disguised to look official. These links required desktop access and led to video calls featuring AI-generated versions of Nailwal, Singh, and a woman claiming to be part of the investment team. Notably, the calls did not have audio, and participants were urged to install a Software Development Kit (SDK). Nailwal pointed out that this move was designed to infect the recipient’s systems.

Nailwal’s experience is not an isolated incident and highlights the growing threat of deepfake fraud within the crypto industry. Over the years, deepfake impersonations have increasingly targeted prominent crypto executives. For instance, Ripple CEO Brad Garlinghouse has also faced multiple instances of his deepfakes being used in scam promotions. This attack vector underscores the evolving tactics of cybercriminals, who are increasingly leveraging generative AI to perpetrate crypto-related fraud. A recent report indicated that losses from deepfake-driven scams exceeded $200 million in Q1 2025 alone.

In response to these incidents, Nailwal advised community members to never install unfamiliar software during unsolicited interactions. He also emphasized the importance of operational hygiene, urging crypto users to separate their wallet-signing activities from general device use. Nailwal stated, “These attacks keep getting more and more sophisticated, so the best approach is to keep a separate laptop for signing via your wallets only from that laptop and never do anything else on that wallet.”