DeFi

MSTR2100

Elon Musk

**A new threat has emerged on YouTube, where an AI-generated video featuring Ripple co-founder Chris Larsen is circulating. This potential scam mimics a notorious video that previously used an AI-generated likeness of Elon Musk. ** 
In the video, an artificial Larsen claims that Ripple is redirecting 150 million <a href="https://yellow.com/asset/xrp">XRP</a> back to holders, contradicting their usual practice of burning annual reserves. He urges XRP holders to double their assets by visiting a dubious website. Cointelegraph's review of the video <a href="https://cointelegraph.com/news/ai-scam-ripple-trader-loss-phishing-crypto-sec">indicates</a> that it is shared via private channels, avoiding public detection and potential removal by YouTube. These covert tactics hint at links being shared through email, directing viewers to send XRP to scam addresses, leaving victims empty-handed. 
The deceptive nature of these AI-generated videos is becoming an alarming trend in the cryptocurrency ecosystem. A similar scam connected to an AI-generated Elon Musk during the Bitcoin 2024 conference resulted in over $79,000 in crypto losses, highlighting a shift in focus from Musk to other prominent figures within the crypto community. 
On October 14, a crypto trader saw a dramatic reversal of fortunes, losing more than $300,000 in memecoin MSTR2100 due to a hacking incident that exploited his 10x investment gains. This phishing attack involved transferring assets to a known scammer, despite the potential warnings provided by blockchain platforms like Etherscan. The victim had amassed 335,468 MSTR2100 tokens from Uniswap, seeing its value peak before declining. However, in a pivotal moment, their balance was redirected to a fake account, erasing over $170,000 in unrealized gains. 
The blockchain analytics platform, Scam Sniffer, reported the incident but refrained from detailing the precise method used by hackers. Phishing scams in crypto often rely on counterfeit apps that mimic trusted interfaces, extorting uninformed users. 
Internet Archive users should be on alert after a breach exposed 31 million accounts with associated emails and encrypted passwords. NPR revealed this incident on October 20, warning of impending phishing attempts targeting affected users, especially those with overlapping credentials at crypto exchanges. 
To mitigate risk, Internet Archive necessitated password changes, although this action alone may be insufficient if users replicated these passwords across platforms. 
Beyond password breaches, attackers also compromised Internet Archive's website javascript, causing temporary service disruptions. While some services like the Wayback Machine have resumed, others remain offline as security protocols are evaluated and strengthened. Password vulnerabilities persist, urging industries towards adopting passkeys based on cryptographic security, though implementation remains nascent. 
In view of continuous crypto threats, users are gradually turning to password managers, despite their susceptibility as demonstrated by the LastPass breach in 2022. For ongoing insights and updates on DeFi developments and prudent financial strategies, subscribing to our Finance Redefined newsletter is a pathway to informed decisions. Delivered each Friday, it synthesizes knowledge and navigates opportunities while prioritizing your security and growth.

AI-Generated Scams Target XRP Holders, Use Fake Chris Larsen Video

Yellow News

Other articles published on Oct 21, 2024

Jupiter opens new round of active staking rewards

GOAT Meme Coin Skyrockets to Staggering Market Cap, Driven by AI Innovation

From Hype to Mainstream: Charting Blockchain’s Path from Early Adoption to Mass Market

7 Million Users Join Avalanche’s Off The Grid Game

Bitcoin Miners Eye Big Profits as BTC Hashprice Nears $100

The 2024 Outlook: Zig Network (ZIG) Anticipated to Surpass Ronin (RON) and Akash Network (AKT)

Join our free newsletter for daily crypto updates!