FxNews—Changpeng Zhao, co-founder and former CEO of Binance, the largest cryptocurrency exchange in the world, has alerted the crypto community about fake videos (deep fakes) featuring him promoting cryptocurrencies.
Zhao emphasized the importance of vigilance and advised users to ignore these misleading videos. He confirmed the presence of these deep fakes on various social platforms, although not on platform X, and alerted his followers through a tweet.
Humorous Misconceptions and AI Dangers
Responding to a humorous query about whether the deepfakes showed him drinking beer, Zhao clarified that the videos show a computer-generated likeness of him endorsing unfamiliar cryptocurrencies.
This incident highlights the growing sophistication of artificial intelligence in creating deceptive content. Echoing these concerns, Cardano’s founder, Charles Hoskinson, remarked that it will soon be difficult to differentiate between deep fakes and authentic videos as AI technology evolves.
Legal Troubles and a New Beginning for Zhao
Recently, Changpeng Zhao was released from prison after serving a four-month sentence that began in May. His arrest followed charges by the U.S. Department of Justice for violating securities laws and facilitating money laundering through Binance.
Following a settlement where Binance paid a $4 billion fine, Zhao stepped down, and Richard Teng replaced him. Zhao’s release was tied to his agreement not to manage Binance again.
Before his imprisonment, Zhao launched Giggle Academy, a free educational initiative for underprivileged kids to learn about blockchain, English, and mathematics. He also explored potential crypto applications in biotechnology.
Crypto Market Remains Uncertain
Despite Zhao’s release and favorable changes in U.S. interest rates by the Federal Reserve, anticipated improvements in Bitcoin‘s value did not materialize.
The crypto community had hoped for a market surge in October, dubbed “Uptober,” but the expected bull run leading to new record highs has yet to occur.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
