Sandeep Nailwal, co-founder of Polygon, has warned of sophisticated deepfake video scams that mimic his image to deceive crypto entrepreneurs. These techniques, which include audio-deprived video calls and malware solicitations, highlight a new level of risk for the digital ecosystem.
The growing sophistication of digital scams has reached a new level with the use of artificial intelligence technology to deceive entrepreneurs and executives in the crypto world.
Sandeep Nailwal, co-founder of Polygon, has raised the alarm after detecting a fraudulent scheme that uses AI-generated videos to impersonate you in virtual meetings. These scams, which began with the hacking of a senior Polygon Ventures executive's Telegram account, have successfully tricked several startups in the sector, inviting them to fake Zoom video calls featuring avatars of Nailwal and other team members. No audio and with the intention of installing malicious software.
This case, presented by Nailwal, is not isolated and shares characteristics with other attacks reported in the industry, highlighting the sophistication of cybercriminals and the urgency of strengthening security measures in the digital ecosystem.
ENTER CRYPTO WITH CONFIDENCEThe mechanics behind deepfake scams in the crypto world
El modus operandi of these scams, such as story Nailwal, begins with the compromise of the Telegram account of Shreyansh Singh, head of Polygon Ventures. From there, the scammers contacted founders and teams at startups Singh had previously interacted with, feigning interest in resuming investment discussions. The meeting invitations were delivered via links to video calls on Zoom, that only work on desktop, where participants meet deepfake videos of Nailwal, Singh and a woman pretending to be part of the Polygon team.
“This attack vector is chilling and has shocked me, as in the last 24 hours 2-3 people have called me on Telegram asking if I was on a Zoom call with them and if I was asking them to install a script.”, Nailwal said.
A crucial detail is that these calls have no audio, which raises suspicions in some participants.
To "activate" the voice, Scammers request the installation of a software development kit (SDK), that It's actually malware designed to infect the device and steal sensitive information, including private keys and digital wallet data. Nailwal noted that several affected entrepreneurs have contacted him to confirm the authenticity of these meetings, demonstrating the impact and scope of this fraudulent scheme.
BUY ETHEREUM ON BIT2MEIn short, this scheme combines social engineering with advanced AI technology, creating a false but convincing environment that puts the security of digital assets and trust in communications within the crypto sector at risk. The main recommendation is avoid installing any unwanted software and maintain strict protocols for device management and cryptocurrency operations.
“NEVER EVER install anything on your laptop during an interaction initiated by someone else.”, Nailwal warned.
A comparison with similar attacks: the Manta Network case and the absence of audio
The attack suffered by Polygon is not an isolated case in the crypto ecosystem. As reported by this media, Kenny Li, co-founder of Manta Network, reported on a modality of similar attack in which scammers used fake video calls to deceive founders and executives. As in the Nailwal case, These so-called deepfakes are characterized by the absence of audio., a pattern that appears to be a warning sign for those who participate in them.
The lack of audio in these video calls is a deliberate strategy by scammers to avoid interactions that could betray the fake encounter. Instead of communicating verbally, They request the installation of software under the pretext of enabling the voice function, which actually allows malware to infiltrate. This method has been identified as an effective technique for overcoming initial distrust and getting victims to lower their guard.
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“It looked real,” said the Rabble co-founder.
Rabble co-founder Kaavya Prasad has warned about receiving deepfake Zoom calls, saying that someone she knows on the Polygon team sent her the link to the alleged meeting with the protocol's founder, Sandeep Nailwal, via Telegram.
Prasad said that instead of receiving a link to a Google Meet meeting, he received a Zoom link, which was the first red flag. When he saw that Nailwal was supposedly on the call, he realized it wasn't real.
“I knew this wasn't real. Sandeep doesn't just drop in on random Zooms like this.”, Prasad said, acknowledging that Nailwal’s avatar was moving and “looked real.”
Prasad abandoned the call and warned the contact who had sent him the link to the call, only to realize that it was also a fake profile, which had disappeared and had blocked him on Telegram.
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In the face of the sophisticated scam, Prasad warns that as cryptocurrencies are adopted globally, these fraudulent schemes “they will only become more sophisticated.”
“Triple-check links, faces, and context. If something feels wrong, it probably is.” concluded.
The parallels between these cases reflect a growing trend in the use of deepfakes for targeted attacks in the crypto sector, where trust and direct communication are essential. The community is beginning to recognize these patterns and develop best practices to identify and avoid falling into these digital traps.
Recommendations to protect the crypto community
Faced with the increasing sophistication of these attacks, Sandeep Nailwal has urged the crypto community to adopt rigorous security practices. His main advice is Avoid installing any software or scripts during unsolicited interactions, especially when they come from dubious or unverified sources. This simple step can prevent the infiltration of malware that could compromise the security of devices and, consequently, digital assets.
Nailwal also recommends separate wallet signing activities from everyday device use. It is recommended to use a dedicated laptop exclusively for signing transactions and managing wallets, avoiding any other activities on that computer. This measure significantly reduces the risk of exposure to malware or targeted attacks.
Finally, Nailwal has expressed frustration with the lack of effective response from platforms like Telegram to these incidents, highlighting the need for closer collaboration between technology companies and users to strengthen security. In the meantime, the community must remain vigilant and share information about potential scams to protect itself collectively.
BOOST YOUR SUCCESS – LINK TO CARD AND EARNIn conclusion, Sandeep Nailwal's warning about the use of deepfakes to defraud crypto entrepreneurs reveals a growing threat that combines advanced technology with social engineering. The sophistication of these attacks demands a proactive response based on education, prudence, and the implementation of strict security protocols. Only then can the integrity of the crypto ecosystem be preserved against these new forms of digital fraud.
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