The CEO of Binance, Changpeng Zhao (CZ), has recently issued a warning about the dangers of AI-enabled deepfake videos within the crypto industry. CZ expressed his concern after coming across an AI-powered video featuring Joshua Xu, the CEO of HeyGen. He described these videos as “pretty scary from a video verification perspective” and advised users not to send coins to individuals based solely on video evidence.
In Xu’s video post, he showcased 100% AI-generated videos of his own avatar and voice clone. HeyGen has made significant improvements to their avatar’s video quality and voice technology, successfully mimicking Xu’s unique accent and speech patterns. Xu revealed that this feature would soon be available for everyone to try and highlighted the astonishing fact that it takes just two minutes to create a realistic digital avatar.
To ensure the security and authenticity of their users, Binance requires the submission of video evidence for identity verification during fund withdrawals. Users are also required to provide a picture of their ID card or passport as part of the know-your-customer (KYC) process. However, Binance’s policy explicitly states that videos should not be edited or watermarked, highlighting the importance of maintaining the integrity of the verification process.
In May, Binance’s chief security officer Jimmy Su acknowledged the advanced state of AI technology, suggesting that deepfakes could soon become undetectable by human verifiers. This development has raised concerns within the crypto community, especially considering the increasing popularity of DeepFakeAI, an AI project in the crypto industry.
DeepFakeAI gained significant traction by creating superimposed videos featuring prominent figures such as Elon Musk, Gary Gensler, and Vitalik Buterin. The platform utilizes deepfake technology, allowing users to customize and create AI-powered videos. Users can access the platform’s services through a native bot and even benefit from its native cryptocurrency, FAKEAI.
While the technology behind deepfakes appears promising and lucrative, it has also sparked fear among crypto influencers, users, and investors. The ability to manipulate videos and create realistic avatars raises concerns about potential scams and fraudulent activities. These deepfakes could be used to deceive individuals and trick them into sending coins or engaging in other fraudulent transactions.
AI-enabled deepfake videos pose significant risks to the crypto industry. Binance’s CEO, Changpeng Zhao, has flagged this concern, emphasizing the need for caution when relying solely on video evidence for transactions. As AI technology continues to advance, it is crucial for individuals and platforms within the crypto industry to remain vigilant and implement robust verification processes to mitigate the potential dangers associated with deepfakes.
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