Scammers have created a deepfake of the CEO of crypto exchange firm Binance in online meetings to fool clients, the exec has claimed.

Chief communications officer of Binance Patrick Hillmann revealed in a blog post that the scammers used news interviews and TV appearances over the years to create a “deepfake of him to be used maliciously”.

“Other than the 15 pounds that I gained during Covid being noticeably absent, this deepfake was refined enough to fool several highly intelligent crypto community members,” he said.

He continued: “Over the past month, I’ve received several online messages thanking me for taking the time to meet with project teams regarding potential opportunities to list their assets on Binance.com. This was odd because I don’t have any oversight of or insight into Binance listings, nor had I met with any of these people before.”

Hillman warned people to “beware of online scammers targeting the crypto community” as he sees an increasing number of these types of cyberattacks happening over the last few years.

Back in May, hackers used the technology to impersonate Elon Musk and others to push a new scam by way of ‘BitVex’ cryptocurrency trading platform, according to researchers at BleepingComputer.

BitVex is the end destination of a crypto scam using deepfakes of prominent cryptocurrency advocates as promotion to steal deposited currency.

In the deepfake videos, Musk claims to own the scam trading platform, stating that he created the site to allow everyone to earn up to 30% returns on their crypto deposits.

In the blog, Hillman said: “Despite having previously led one of the world’s largest cybersecurity teams and managed some of the largest data breaches in history (US OPM, Ashley Madison, etc.), I was not prepared for the onslaught of cyberattacks, phishing attacks, and scams that regularly target the crypto community.”

He added: “However, criminals will almost always find a way to adapt to and circumvent even the most secure system.”

Hillman noted that has also seen a recent spike in hackers pretending to be Binance employees and executives on platforms such as Twitter, LinkedIn, and Telegram.

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Hillman suggested that it’s imperative that you users remain vigilant, and “always take proactive steps to ensure you don’t fall prey to scams and impersonations”.

“Whether you’re a Binance user or a blockchain startup founder, vigilance is the most powerful weapon. Criminals don’t need advanced technical skills to steal your funds — all it takes is making you believe them,” Hillman said.

The Binance deepfake is just one example of the tech being used maliciously. For some firms, such as Microsoft, it has become a priority issue.

In September last year, the tech giant announced tools able to detect deepfake software in images and videos to combat the spread of disinformation.

The release came months before the 2020 US election between Donald Trump and Joe Biden, a situation ripe for the technology to be misused.

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