Changpeng Zhao, the former head of Binance, has issued a fresh warning about the growing use of AI in potential threats to the cryptocurrency community. Ripple CEO Brad Garlinghouse has also cautioned users to stay alert.

CZ Warns of AI Impersonation Scams

Changpeng "CZ" Zhao, founder of Binance, recently posted on X, a social media platform, to warn the community against deep false films made by AI. These films, according to Zhao, deceive people into thinking he is endorsing coins that he has never really invested in.

The founder of Binance said he was unaware of the currency promoted in the videos and warned his followers to be wary of impersonation scams.

AI Deceptive Content Raises Concern in Crypto

The rising concern in the cryptocurrency community over the use of AI to create deceptive content prompted Binance's founder to issue a caution.

What we call "deepfakes" are actually videos made with AI that make it look like someone is speaking or doing something they never actually did. With the advent of AI systems that can produce convincingly phony videos, this kind of fraud is rapidly growing in popularity.

Jokes Turn Serious at Binance Blockchain Week

A user on X made a lighthearted cautionary statement during Binance Blockchain Week (BBW), suggesting that founders would pose for pictures with Zhao and then assert,

“Great to meet @cz_binance, and discussed the potential of XYZ project.”

Industry-wide Attack by AI Scammers

The whole cryptocurrency industry is under attack from AI-driven deepfakes, not just Binance founder Changpeng "CZ" Zhao. Con artists have begun to use AI to create false material, which they use to defraud investors and tarnish the reputations of influential people in the industry.

Ripple CEO Brad Garlinghouse Weighs In

Even Ripple CEO Brad Garlinghouse has recently said that deepfake scams are becoming more common, citing recordings of himself endorsing phony products as an example.

In an effort to deceive people, con artists have utilized artificial intelligence to manipulate ancient videos. Just like that, Ripple has issued multiple cautions to its users, advising them to be wary of imposter accounts and to remain vigilant.

AI Scams Affecting Celebrities Worldwide

According to Coingape, the danger of deepfake frauds, which are a kind of artificial intelligence, is not limited to the cryptocurrency industry. Some famous people have been fooled by AI in videos, including Donald Trump and Taylor Swift.

Swift recently voiced her disapproval of the usage of artificial intelligence deepfakes in political campaigns following the exploitation of her photographs to endorse certain candidates. The development of more sophisticated AI has made this issue much worse over time.