Tanzanian Billionaire Mohammed Dewji’s X Account Hacked in $1.48 million Deepfake Crypto Scam
Tanzanian billionaire Mohammed Dewji became the latest victim of a deepfake scam after hackers took over his X account and used AI-generated content to promote a fraudulent cryptocurrency token, $Tanzania. The breach, confirmed by Forbes, resulted in unsuspecting investors losing $1.48 million.
The hackers posted a manipulated video of Dewji apparently endorsing the fake token. However, Dewji has since denied any involvement, clarifying that his account was compromised and the video was artificially created using AI. In a WhatsApp message to Forbes, he stated, “My account has been hacked,” and confirmed that his team had reported the incident to X, though he remained locked out of his account for some time.
Despite attempts to remove fraudulent posts, Dewji’s X account continued pushing the scam. While monitoring the account, Forbes reported another post promoting the $Tanzania token, followed by a second deepfake video showing Dewji in a different setting, seemingly refuting claims of the hack while holding up a piece of paper. The deception aimed to reassure investors and encourage further transactions.
Once Dewji’s team regained control of the account, he assured his two million followers that the situation was resolved, issuing a statement: “We apologize for the inconvenience caused by the breach of our X account. The situation is now under control, but we urge everyone to stay vigilant against scams and rely only on our official channels for accurate information.”
According to blockchain analytics firm Lookonchain, scammers managed to siphon $1.48 million into the $Tanzania token on the Solana blockchain before the fraudulent scheme was exposed. Crypto fraud investigator ZachXBT suggested that the perpetrators of this attack might be the same group responsible for hacking former Brazilian President Jair Bolsonaro’s X account two weeks prior, stealing $1.3 million.
Deepfake-related fraud is an increasing concern, with a Deloitte study estimating losses of over $12 billion in 2023. Regula’s Deepfake Trends 2024 report found that 57% of crypto companies had encountered audio deepfake incidents, surpassing the 45% dealing with altered document fraud. Additionally, 53% of crypto firms reported facing video deepfake fraud, underscoring the growing threat of AI-driven scams in the digital economy.
As deepfake scams become more sophisticated, industry experts stress the need for robust security measures and heightened vigilance to protect against AI-generated fraud schemes. With cybercriminals increasingly leveraging deepfake technology to exploit trust and bypass security controls, regulatory bodies and platforms face mounting pressure to combat this evolving threat.
