Cybercriminals have orchestrated a sophisticated cryptocurrency scam by deploying deepfake technology to impersonate Apple CEO Tim Cook during the highly anticipated iPhone 16 launch event.

On September 9, Apple unveiled its latest iPhone models at the ‘Glowtime’ event. Seizing this opportunity, scammers flooded YouTube with fake livestreams featuring AI-generated versions of Tim Cook. These counterfeit videos were designed to exploit the high viewership during the new iPhone launch to promote deceptive cryptocurrency schemes.

The deepfake videos showcased a convincingly realistic, AI-generated Tim Cook urging viewers to participate in a dubious “double-your-money” scheme. The fake Cook claimed, “Once you complete your deposit, the system will automatically process it and send back double the amount of the cryptocurrency you deposited,” enticing viewers with promises of easy profits.

To execute the scam, fraudsters requested viewers to send various cryptocurrencies such as Bitcoin, Ethereum, USDT, and Dogecoin to a designated “contribution address.” They assured participants that they would receive twice the amount of any cryptocurrency sent, a tactic aimed at luring in unsuspecting victims.

Adding to the deception, some of the fake livestreams appeared on channels that mimicked official Apple accounts. These channels even sported verification badges, further convincing viewers of their legitimacy.

In response to the incident, YouTube acted swiftly. The platform’s support team acknowledged the scam in a September 9 post on X (formerly Twitter). They urged users to report any suspicious content through official channels. Consequently, YouTube took down the fraudulent videos and terminated the associated accounts.

This incident is part of a broader trend where cybercriminals use deepfake technology to target high-profile figures and events. Previous scams have involved deepfakes of SpaceX CEO Elon Musk and Ripple CEO Brad Garlinghouse to promote similar fake crypto schemes.

The recent scam coincided with Apple’s launch of a series of new products, including the iPhone 16 lineup, featuring pro and max models. Additionally, Apple introduced their new Apple Watch, AirPods, and their AI-powered Apple Intelligence.

In summary, this incident underscores the increasing sophistication of cybercriminals who leverage cutting-edge technology like deepfakes to perpetrate scams. It also highlights the importance of vigilance and swift action by platforms like YouTube to protect users from such fraudulent activities.