Has Musk announced a $20 million cryptocurrency giveaway? Deepfake video goes viral

In the video, Musk appears to announce a surprise crypto giveaway, claiming, “I’ll be doing a $20 million crypto giveaway at Elon4u.com for one week starting December 13,” urging viewers to act fast and participate. The clip presents Musk as inviting people to take part in the giveaway, reassuring them that the process is quick and easy.

However, the video was soon debunked as a deepfake. A post from DogeDesigner, a well-known figure in the crypto community, quickly circulated on X (formerly Twitter), warning followers about the scam. “Elon Musk and his companies are NOT doing any crypto giveaways. Don’t fall for scams! Stay safe,” the post emphasised, urging people not to be deceived by the fake video.

Rise of Deepfakes

This incident highlights the growing risks posed by deepfakes, which can convincingly replicate the voices and appearances of public figures. Experts warn that scams using deepfakes are becoming more sophisticated, making it essential for users to double-check such claims from trusted sources.

In recent years, cryptocurrency scams have been on the rise, often taking advantage of high-profile figures like Musk to create a sense of legitimacy. With deepfake videos becoming more prevalent and realistic, the ability to distinguish between authentic content and manipulation is increasingly challenging for the public.

While Musk has not publicly commented on the deepfake incident, his reputation as a target for online scams, including fake giveaways, is well-known. In the past, similar fraudulent schemes have leveraged his name and social media presence, causing significant concern among his followers.

The Elon4u.com website featured in the video is now under scrutiny, with experts advising internet users to avoid visiting suspicious sites and to report any potentially harmful content.