Scammers Promote Fake ADA Giveaway Using AI-Cloned Video of Cardano Founder

Crypto enthusiasts call attention to a cloned video of Cardano founder Charles Hoskinson promoting a fake ADA giveaway on YouTube.

Crypto scammers have continued to devise malicious ways to lure unsuspecting investors into giving up their digital currencies. Before now, it was easy to uncover these scam tactics. However, with the evolution of artificial intelligence (AI) solutions, uncovering these scams has become a daunting task.

Cloned Hoskinson Endorses Fake ADA Giveaway

In a shocking development, crypto investors spotted a cloned video of Cardano founder Charles Hoskinson endorsing a fake ADA giveaway.

With the aid of AI, the scammers created a fake video of Hoskinson promoting the ADA giveaway during a live cast.

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“This giveaway is our way of giving back to the community that has stood by us, believed in our vision, and helped us through thick and thin. We’re here because of you, and we want to make sure that you share in our success,” a cloned version of Hoskinson said.

Furthermore, the misleading video urged interested users to visit the website or scan the QR code on the screen.

Prominent Cardano enthusiast @astroboysoup, called the community’s attention to the video. He said the malicious video was added as an ad to his crypto-related YouTube video.

He urged ADA holders to share the video to protect unsuspecting investors from falling prey to these scams. It remains to be seen whether any ADA holder has been a victim of the scam.

Guys!!!! More scams are about.

This one here is a deep fake, using AI and Charle's face and voice to promote an ADA Giveaway. Please share far and wide so people know what is happening. It appeared at the beginning of one of my YT videos which makes it even worse.

If you see it… https://t.co/xpASsYc1g5

— Pete | Cardano ₳mbassador, SPO, YTer 🍍🍕👌 (@astroboysoup) December 14, 2023

Not New

While AI has recorded significant breakthroughs in different sectors, malicious actors have used these technologies to perpetrate scams.

This is not the first time malefactors have created fake videos of prominent crypto stakeholders endorsing scam giveaways.

As reported earlier, Ripple CEO Brad Garlinghouse alerted the XRP community to a scam targeting the community. He commented on the development after a fake video of him endorsing a fake giveaway went viral on YouTube.

Garlinghouse disassociated himself from the fake giveaway while emphasizing that information about Ripple will be shared via official channels.

Meanwhile, Hoskinson has not commented on the scam video making the rounds on YouTube.

Cardano Community Issues New Warnings

The development comes hours after the Cardano Community alerted its X followers about a new scam targeting investors.

According to the official X account of Cardano Community, the criminals behind the scam, which promises fake ADA rewards through a deceptive reward event, have already stolen over 200K ADA coins from unsuspecting investors.

Warning: Scam Alert ⚠️⚠️

We want to bring to your attention that some Berry Pool delegators have received an NFT promising additional ada rewards through a deceptive/fake rewards event.

Please be cautious as the associated website has been identified as a scam. Unfortunately,… https://t.co/tfKTEoTlBE

— Cardano Community (@Cardano) December 14, 2023