Scammers Use Deepfake of Tanzanian Billionaire in $1.48M Crypto Fraud

Tanzanian billionaire Mohammed Dewji’s hacked social media promoted a fake crypto, using deepfake videos in a $1.48M crypto fraud.

Hackers recently took control of Tanzanian billionaire Mohammed Dewji’s social media account to promote a fake cryptocurrency, scamming investors out of $1.48 million. Scammers technique with deepfake technologies produced videos showing Dewji supporting the fraudulent “$Tanzania” token.

The Tanzanian businessman Dewji who leads METL Group as the CEO maintains an X follower base of 2.2 million along with his role as CEO of METL Group. Through a stolen account he issued various fake messages which pushed people to buy the bogus token. Cybercriminals followed their instructions to users for buying the fraudulent token while appearing to run a genuine operation.

Dewji detected the security break on February 5 and immediately reached out to X platform. Forbes confirmed that Dewji denied any connection with the cryptocurrency venture through an official statement. After issuing his warnings, the scammers kept distributing deceptive content through his hacked account.

Hacked Social Media Fuels AI-Driven Crypto Fraud with $Tanzania Token

The AI-recreated Dewji appeared in a deepfake video which presented him reading a sheet of paper with “$Tanzania” written on it as he occupied his home office. A second video appeared to prove Dewji had not been hacked while maintaining that the token distinguished as authentic. The fabricated video reached 30,000 viewers which allowed fraudsters to persuade additional investors to join them.

Additional deepfake videos appeared despite earlier deletion of some posts related to the scam. The unauthorized account adjustment by hackers forced users to become unable to post comments or see warning messages. The entire scam ran wild because it needed extra time to propagate while authorities remained unable to combat it.

The money loss exceeded $1.48 million because investors fell for the fraud before authorities discovered and prevented the scammers. The cybercrime risks within cryptocurrency continue to escalate because social media scammers and AI hackers prey upon easy targets in this market.

Dewji together with his team remains dedicated to retrieving his platform and share awareness regarding the scam with public audiences. Investors need to exercise caution according to experts by checking information carefully before investing in cryptocurrencies.