Michael Saylor, the executive chairman of MicroStrategy and a well-known Bitcoin advocate, has issued an urgent warning about a new wave of scams using AI-generated deepfake videos to impersonate him and his company. The fraudulent videos have been circulating on platforms like YouTube and X (formerly Twitter), promising viewers a chance to double their cryptocurrency by sending Bitcoin or Ether to a specified address.
The Deepfake Scam Technique
The videos feature a convincing deepfake of Saylor urging investors to send crypto with the promise of an immediate 100% return. The fake Saylor claims that the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) will send the price of BTC to $1 million, creating a sense of urgency. Clicking on the video leads users to a malicious website that advertises a “biggest crypto giveaway” with a prize pool of 1,000 BTC and 10,000 ETH. The site prompts visitors to scan a QR code to “participate,” which ultimately steals their cryptocurrency instead of rewarding them.
Saylor's Official Response
In a statement on X, Saylor emphasized: “There is no such thing as a free lunch.” He warned the crypto community to be extremely cautious and reiterated that neither he nor MicroStrategy conducts any type of cryptocurrency giveaway. He advised users to avoid clicking suspicious links, scanning unknown QR codes, or transferring funds to anyone claiming to represent him or the company. The executive highlighted that these scammers are leveraging the growing hype around Bitcoin ETFs and the reputation of MicroStrategy to deceive victims.
Personal and Corporate Holdings
Saylor recently revealed plans to sell $216 million worth of MicroStrategy shares in order to personally purchase more Bitcoin. According to public disclosures, he personally owned 17,732 BTC as of October 2020, while MicroStrategy held 189,150 BTC as of December 2023. These real holdings are often used by scammers to add credibility to their fake promotions. The deepfake scam is part of a broader trend; Ripple CEO Brad Garlinghouse has also been impersonated in similar AI-generated videos.
This incident underscores a growing threat in the crypto space: as AI technology advances, the barrier to creating realistic fake videos and audio falls dramatically. Investors are advised to verify any “celebrity endorsement” crypto giveaway through official channels and to remain skeptical of any unsolicited promises of free money.