Twitter circulating Deepfake video of Zhao Changpeng, Binance security chief warns: extensive use of AI technology for deceiving KYC verification

Earlier this year, a deepfake video of Binance founder Changpeng Zhao (CZ) circulated within the cryptocurrency community, in which the fake CZ claimed to have a private trading group that could help users make a fortune, and so on. In response, Binance's Chief Security Officer stated that AI technology has advanced rapidly and is being extensively used in KYC verification. Binance will continue to enhance user education.

Zhao Changpeng Deepfake Video Circulates on Twitter

A deepfake video of Zhao Changpeng stating:

I want to tell you about a Binance Telegram trading group that my organization has been running for a long time. I want to bring you more profits through this. If you only follow the signals we provide for trading, we are very good at it and it can bring huge profits to users. If you have any questions, please contact the administrator of this TG account.

The video did not reach a very realistic level, obviously unable to deceive experienced traders in the industry, but it could still potentially deceive new users who are unfamiliar with Zhao Changpeng's speech or Binance.

Binance's Chief Security Officer, Jimmy Su, also issued a warning in an interview with Cointelegraph.

Deep fake AI poses a serious threat to humankind, and it's no longer just a far-fetched idea. I recently came across a video featuring a deep fake of @cz_binance , and it's scarily convincing. pic.twitter.com/BRCN7KaDgq

— DigitalMicropreneur.eth (@rbkasr) February 24, 2023

Binance Warning: Extensive Use of AI Technology in KYC Verification

Binance's Chief Security Officer, Jimmy Su, pointed out that scammers are using deepfake technology to advance their methods in KYC verification, stating:

Hackers first steal normal photos and then create videos using deepfake technology to bypass verification processes. These technologies are already quite advanced and can even recognize verification requests and respond, such as closing the left eye, looking left or right, looking up or down; they can execute these commands.

Jimmy Su admitted that this is a tricky issue. Although deepfake videos cannot yet deceive human verification officers, for example, if asked to turn their head left or right, he believes that waiting idly is definitely not a good approach.

Jimmy Su stated that user education is currently a top priority, and plans to release a series of articles in the future to emphasize the importance of risk management to users.

Regarding the issue of rampant KYC verification raised by Binance's Chief Security Officer, a recent compilation has also been made of the Legislative Yuan's amendment to the "Money Laundering Prevention Act" regarding dummy accounts, as well as the feedback from various exchanges on the bill:

• Legislative Yuan passes the third reading of the amendment to the "Money Laundering Prevention Act"! Collecting and selling exchange KYC accounts will be illegal, punishable by up to 30 million.