Cybertrace CEO Dan Halpin suggests that the crypto scammers are probably skilled in sales and marketing, given the “convincing” nature of the ruse.

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Cybersecurity company Cybertrace issued a cautionary alert about a “convincing” deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. In the video, Forrest is seen endorsing a fraudulent crypto trading platform on social media.

Fraudulent Deep Fake Video on Facebook
A deep fake video appeared on Facebook, luring users to join a fake platform promising hefty daily earnings for “regular people.” Victims are redirected to a website named “Quantum AI,” associated with scams and financial fraud, as reported by Cybertrace.
Cybertrace’s CEO, Dan Halpin, expressed worry, noting the convincing nature of the deepfake and suggesting the scammers possess sales expertise. He pointed out the video’s lengthy and repetitive content, indicating skill in sales and marketing techniques.

The fake video alters Andrew “Twiggy” Forrest’s behavior and body language from a previous “fireside chat” in October, organized by Rhodes Trust. Detected by Cybertrace on Jan. 27, the manipulated version of Forrest promotes bogus crypto trading software on Facebook.
In the modified video, Forrest invites viewers to partner with him in “the world’s smartest stock and cryptocurrency trading software,” claiming consistent daily profits ranging from $700 to $2,200 over nine months.

Deep Fake Scam Concerns Rise
Andrew “Twiggy” Forrest, a former CEO of Fortescue Metals Group, is one of Australia’s most successful entrepreneurs, with a net worth of $29.4 billion, according to Bloomberg. In a scam video, Forrest urgently encourages viewers to join a platform, raising alarms from Cybertrace amid a surge in deep fake fraud.
The proliferation of deep fakes has grabbed the attention of United States lawmakers, sparked by fake photos of Taylor Swift. U.S. Representative Joe Morelle aims to make the production of deep fake images illegal.
Cybertrace notes that other prominent Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also been targeted by scammers creating deep fake videos.
This trend emerges as Australians reported over $2 billion (3.1 billion Australian dollars) in losses to scams in 2022, according to the country’s consumer regulator. Additionally, scams involving cryptocurrency payments totaled $148.3 million (221.3 million Australian dollars) in 2022, marking a 162.4% increase from 2021.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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- Recent Web3 reports highlight substantial losses incurred between December 3 and December 9, amounting to almost $1.91 million.
- Several prominent tokens, including Abattoir of Zir (DIABLO) and Strong Finance (STRONG), experienced significant losses, attributed to rug pulls and debacles within the Web3 ecosystem.
- SlowMist, in its findings, uncovered the Stargate snapshot scam occurring on December 4, detailed in a separate report, contributing to the broader losses in the Web3 space.

In a quarterly web3 report published by CertiK, a blockchain security company, findings reveal a concerning trend: cryptocurrency exploits and hacks led to a loss of over $300 million worth of digital assets during the second quarter of 2023.
Analyzing CertiK’s report, a total of 212 security incidents unfolded in the quarter, resulting in a staggering $313,566,528 drained from Web3 protocols.
Despite the quarter's lower losses compared to the same period in 2022, our scrutiny reveals a surge in losses attributable to exit scams, totaling around $70 million during this period.
Notably, Q2 experienced a decline in losses from Oracle manipulation attacks and flash loans. The previous quarter witnessed 52 oracle manipulation attacks, causing losses of about $222 million, primarily due to the Euler Finance hack constituting over 85% of these losses.
Additionally, Q2 observed a 89% drop in losses stemming from 54 flash and oracle manipulation attacks, amounting to around $23 million. Oracle manipulation attacks exploit vulnerabilities in price oracles used by decentralized applications (DApps) and smart contracts, enabling fraudulent activities like price manipulation and transaction misexecution.
Meanwhile, flash loan attacks, where individuals leverage uncollateralized lending to manipulate markets, declined in their impact during Q2.
CertiK's report highlighted BNB Chain as the most targeted blockchain with 119 incidents, resulting in losses of $70,711,385, followed by Ethereum with over 55 incidents and hackers gaining more than $65,999,953.
While Web3's rapid expansion presents incredible opportunities, it also amplifies risks. Stakeholders need heightened vigilance against fraudulent activities that exploit vulnerabilities in the system, underscoring the importance of fortifying defenses to thwart potential cyber threats.
Disclaimer: Voice of Crypto aims to provide accurate information but cannot be held liable for missing facts or inaccuracies. Cryptocurrencies are highly volatile; therefore, conducting thorough research is crucial before making financial decisions.

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The decentralized finance (DeFi) landscape remains vulnerable to cyber attacks, despite a slight decline in stolen funds during 2023. A recent study by blockchain security firm Halborn sheds light on the persistent threat, analyzing the top 100 DeFi attacks from 2016 to 2023. The findings reveal a staggering $7.5 billion in cumulative losses, with the majority of incidents targeting protocols on Ethereum, Binance Smart Chain, and Polygon networks.
Diverse Attack Vectors
Malicious actors employ a variety of methods to exploit DeFi protocols. Common strategies include:
Smart contract vulnerabilitiesPrice manipulation schemesGovernance attacksOff-chain exploits
Notably, off-chain attacks, particularly those involving private key theft, have emerged as a significant concern. These incidents accounted for 29% of all attacks and 34.6% of stolen funds during the study period. In 2023 alone, off-chain exploits were responsible for over half of all attacks and stolen assets.
Security Gaps and Best Practices
The report highlights a critical security oversight: only 21% of compromised protocols utilized multi-signature (multi-sig) wallets. This security measure, which requires multiple parties to approve transactions, could potentially mitigate many attack vectors.
Halborn's analysis also reveals that unaudited protocols face the highest risk. Many successful attacks exploit inadequate input validation or verification checks within the protocol's code. Additionally, cross-chain bridges remain an attractive target for hackers, emphasizing the need for thorough code reviews before implementation.
2024 Outlook
While the full picture for 2024 is still developing, early data from Immunefi paints a concerning picture. In just the first half of the year, DeFi-targeted attacks resulted in losses of $473 million. This underscores the urgent need for enhanced security measures across the DeFi ecosystem.
Moving Forward
As the DeFi sector continues to evolve, it's clear that security must remain a top priority. Developers and protocol teams should consider the following steps:
Implement rigorous code auditsUtilize multi-signature walletsEnhance input validation and verification processesExercise caution when integrating cross-chain bridges
By adopting these best practices, the DeFi industry can work towards creating a more secure and resilient financial ecosystem for all participants.

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