A woman from Markham, Ontario, lost her life savings of $1.7 million to a cryptocurrency scam involving a deepfake video of Elon Musk.
Using the pseudonym Denise, the victim told CTV News she was lured by a Facebook video where an AI-generated Musk promoted a high-return investment platform. After an initial $250 investment appeared to yield profits, she liquidated her savings, took out a second mortgage, and borrowed money to invest more.
When she attempted to withdraw funds, scammers demanded additional fees. The article highlights the rising threat of AI-driven fraud and offers tips for spotting deepfake scams.