Hackers Used Deepfake of Binance CCO to Perform IPO Scam – Exchanges Bitcoin News

A set of hackers managed to impersonate Binance’s head of communications Patrick Hillmann in a series of video calls with several cryptocurrency project representatives. The attackers used what Hillman described as an AI hologram, a deep spoof of his image for this goal, and managed to trick some representatives of those projects into believing that Hillman was helping them get listed on the stock exchange.

Binance CCO Patrick Hillmann impersonated by third parties

Hackers and fraudsters are refining their methods by incorporating more technological tools into their schemes. Binance’s Chief Communications Officer (CCO), Patrick Hillmann, reported last week on a new and sophisticated way attackers have used his image to carry out a listing fraud operation.

Hillmann stated that hackers were able to program an AI (artificial intelligence) hologram of him, a kind of deepfake used to fool representatives of several cryptocurrency projects in Zoom calls. The hologram was able to trick these projects into thinking they were being considered for listing on Binance and that Hillmann was part of this operation.

The listing scheme was discovered when these members contacted Hillmann to thank him for his help in the alleged listing opportunities. However, he had no knowledge of these meetings because he is not part of the listing process at Binance.

Hillmann did not disclose details of which cryptocurrency projects were targeted, or the funds invested for the alleged listing services.

Online fraud

The Binance CCO also warned of an increase in this type of impersonation scam on several social media platforms across the internet. Hillmann stated about this:

In addition to this latest incident, there has recently been an increase in hackers impersonating Binance employees and executives on platforms such as Twitter, LinkedIn, Telegram, etc. We are prepared to defend our users and our ecosystem.

Binance’s listing process does not include third parties, Hillmann clarified, and project listing proposals are only received via a direct listing application page. According to a blog post published last year, Binance does not apply a fixed listing fee to these projects. About the value of the listing fee, Binance explains:

There is no fixed number. Just suggest a number you’re comfortable with. Show your willingness to contribute to social impact.

Furthermore, the fees collected by the exchange are donated in full to Binance Charity, a blockchain-tracked charity sponsored by the exchange. Listing scams seem to be becoming more common, as Bluebenx, a Brazilian crypto investment platform, also fell victim to this type of scam recently.

What do you think about the Binance deepfake powered listing scam? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late to the game, he entered the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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