The co-founder and former CEO of crypto exchange Binance, Changpeng Zhao, has issued a warning to the general public and the cryptocurrency community regarding the emergence of numerous of deepfake videos created by artificial intelligence and their potential to trick gullible and unsuspecting users into making false or fraudulent cryptocurrency investments.

Zhao further expounded on the imminent threat from impersonation using AI and fraud in cyberspace. Zhao’s warning comes at the back of increasing AI scams that not only hit the crypto world but also international giants such as Ripple CEO Brad Garlinghouse and even famous celebrities like Taylor Swift.

Former Binance CEO warns of deepfake scams on social media

Former Binance CEO Changpeng Zhao (CZ) posted on X, warning users about deepfake videos of him circulating on other social media platforms. He urged users to be cautious of potential scams associated with these videos.

— CoinNess Global (@CoinnessGL) October 11, 2024

Such scams aim at deceiving the users to invest in risky schemes that put them at a risk of losing funds and exposing their identities, hence increasing the urgency for more education on artificial intelligence in the appropriate channels and mediums.

Zhao has made strategic plans during his recent speech. He is expected to participate in the Binance Blockchain Week in Dubai shortly after he has resolved his legal wrangles with the US Department of Justice. It will be his first major engagement and appearance since he stepped down temporarily.

Zhao served four months in prison, after pleading guilty to violating US laws against money laundering at the world’s largest cryptocurrency exchange.

Zhao’s return indicates his seriousness in blockchain, focusing on innovation and sustained leadership. Binance, with Zhao back at the helm, will continue along the path of research and development in blockchain technology but also faces the challenges of regulations and integration in leading the industry.

While AI contributes to more secure and efficient blockchains, it has also sparked and enables new threats. The warning by Zhao concerns the mishandled activity of AI in the generation of deepfakes, thereby gaining more attention to alert the community. This requires responsible development and education in AI from and within the crypto space.

Blockchain projects that grow and expand, acquiring scale and influence would require a balance between innovation and security. The correct utilization of AI could revolutionize industries while unchecked misuse of such a technology could lead to devastating consequences, requiring an immediate response from developers and the community.

Featured image from WIRED, chart from TradingView

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