Co-founder and former CEO of crypto exchange Binance, Changpeng Zhao, issued a warning to the general public and the cryptocurrency community regarding the emergence of many deepfake videos created by artificial intelligence and their potential to fool gullible and unsuspecting users. fake or fraudulent cryptocurrency investments.
A public warning against AI deepfakes
Zhao further explained the looming threat of AI-enabled identity theft and fraud in cyberspace. Zhao’s warning follows the rise in AI scams hitting not only 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 a message on X, warning users about fake videos of him circulating on other social media platforms. He urged users to be wary of potential scams associated with these videos.
– CoinNess Global (@CoinnessGL) October 11, 2024
Such scams aim to lure users into investing in risky schemes that expose them to the risk of losing funds and revealing their identities, thereby increasing the urgency for better artificial intelligence education in appropriate channels and mediums .
The Resurgence of Zhao and the Future of Binance
Zhao laid out strategic plans during his recent speech. He is expected to attend Binance Blockchain Week in Dubai shortly after resolving his legal disputes with the US Department of Justice. This will be his first engagement and his first major appearance since his temporary resignation.
Zhao served four months in prison, after pleading guilty to violating US anti-money laundering laws on the world’s largest cryptocurrency exchange.
Zhao’s return indicates his seriousness in blockchain, focusing on innovation and sustainable leadership. Binance, with Zhao back at the helm, will continue down the path of research and development in blockchain technology, but will also face the challenges of regulation and integration to lead the industry.
The double-edged sword of blockchain and AI
While AI contributes to safer and more efficient blockchains, it has also triggered and enabled new threats. Zhao’s warning concerns mismanaged AI activity in generating deepfakes, thus drawing more attention to alert the community. This requires responsible AI development and education from and within the crypto space.
Blockchain projects that grow and develop, gain scale and influence would require a balance between innovation and security. The correct use of AI could revolutionize industries, while uncontrolled misuse of such technology could have devastating consequences, requiring an immediate response from developers and the community.
Featured image from WIRED, chart from TradingView
