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Crypto Losses Due to Illegal Deepfake Transactions Predicted to Reach IDR 408 Trillion

Liputan6.com, Jakarta – Cryptocurrency losses due to illegal transactions related deepfake appears to increase during 2024.

Quoted from News.bitcoin.comFriday (28/6/2024) Bitget Research report revealed that losses from crypto transactions in the deepfake world are estimated to reach USD 25 billion or around IDR 408.9 trillion.

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During the first quarter of the year the total loss caused by deepfakes reached USD 6.28 billion (Rp. 102.6 trillion), almost half of the loss of USD 13.81 billion (Rp. 225.7 trillion) throughout 2022.

Although deepfake-related losses decreased in 2023, the report highlights that the number of illegal transactions involving deepfake technology remained consistent in each quarter.

Interestingly, this study also revealed a correlation between related illegal transactions deepfakes and fluctuations in the Bitcoin Greed and Fear Index.

It was also found that, during the market bullishincidents of the use of deepfake technology for criminal purposes are likely to increase.

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For example, the number of crypto crimes involving deepfakes surged in the first quarter of 2024, coinciding with the period when Bitcoin (BTC) hit a new all-time high.

Responding to the findings in the study, CEO at Bitget, Gracy Chen underscored the importance of raising awareness about deepfakes in the crypto industry.

Educating users and implementing a comprehensive legal and cybersecurity framework globally are critical steps in fighting criminals who exploit these tactics, he explained.

Deepfakes are now starting to make their way into the crypto sector and there is nothing we can do to stop them without proper education and awareness. User vigilance and their ability to distinguish scams and scams from real offerings remains the most effective line of defense against such crimes until the legal and security framework comprehensive cyber applied on a global scale,” Chen said.

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Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for the profits and losses arising from investment decisions.

Crypto Losses Due to Illegal Deepfake Transactions Predicted to Reach IDR 408 Trillion

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