Singapore PM Issues Warning on Deepfake Cryptocurrency Scams

The Prime Minister of Singapore, Lee Hsien Loong, issued a warning to his followers on social media, advising them to be wary of deep-fake films that incorporate his voice and image to promote fraudulent cryptocurrency schemes.

A series of tweets that Loong published on December 28 on X (formerly known as Twitter), LinkedIn, and Facebook encouraged his followers not to respond to con artists who were utilizing artificial intelligence (AI) technology to generate deepfakes.

These deepfakes claimed that the prime minister had guaranteed “returns on investments” and cryptocurrency giveaways.

To promote a fraudulent form of “hands-free cryptocurrency trading,” scammers fabricated a video of Loong engaging in an interview. Loong shared the video with his followers.

“There will be a continued increase in the utilization of deepfake technology for the dissemination of disinformation,” stated Loong. “It is imperative that we maintain vigilance and acquire the wisdom to safeguard ourselves and those we care about against such cons.”

Scammers have been attempting to take advantage of Loong ever since before the development of certain AI techniques. In the year 2021, he issued a warning to the people of Singapore, stating that they should “remain vigilant when dealing with cryptocurrency platforms.”

He stated that someone had created a profile on BitClout to sell tokens by utilizing phony social media accounts. In the aftermath of the failure of FTX in 2022, he and Lawrence Wong, the Deputy Prime Minister, were confronted with questions from members of parliament.

In the years since the introduction of cryptocurrencies, con artists have employed a wide variety of techniques to trick people into sending them fiat dollars or tokens.

To promote a bitcoin fraud in the year 2020, hackers broke into the accounts of prominent Twitter users, including the President of the United States of America, Barack Obama, and Joe Biden, who was then on the verge of becoming president.