Crypto giveaway scams and deepfake celebrities: "send 1, get 2 back" is always fake

“To celebrate, I’m giving back to the community: send any amount of bitcoin to this address and I’ll send double back.” The message appears to come from a famous entrepreneur, maybe with a video of them saying it, and there’s only a few minutes left to take part.

It’s a scam, every time. This guide explains how crypto giveaway scams work, how AI deepfakes have made them more convincing, and how to protect yourself and the people around you.

How giveaway scams work

The FTC describes the basic scam simply: a scammer pretends to be a celebrity who can multiply any cryptocurrency you send them. You send crypto to an address or QR code, and nothing comes back.

Common features:

• A famous name: a tech billionaire, a crypto founder, a sports star or a well-known company.
• A promise to multiply what you send, often double.
• Urgency: a short time window or a limited amount.
• A crypto address or QR code to send to.

The FTC’s rule of thumb settles it: free money promises are always fake, and celebrities aren’t contacting you through social media.

How much people have lost

These scams have been around as long as crypto has been popular. In May 2021 the FTC said people had reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over the previous six months alone. The FTC described giveaway scams, supposedly sponsored by celebrities or well-known crypto figures, that promise to immediately multiply what you send, after which victims discover they’ve simply sent their crypto to a scammer’s wallet.

Deepfakes make the fakes more convincing

What has changed is the technology. The FTC warns that scammers use fake celebrity and influencer endorsements, complete with doctored video and audio, and that the tools to make them are improving all the time.

The FBI’s December 2024 warning lists how criminals use generative AI in fraud, including:

• creating realistic images for fictitious social media profiles used in investment fraud;
• generating content for fraudulent websites for crypto investment schemes;
• creating images of celebrities or social media personas promoting products;
• generating short audio clips with a loved one’s voice;
• generating videos for live video chats with supposed company executives, law enforcement or other authority figures.

The joint article from the SEC, NASAA and FINRA adds that fraudsters may use deepfake videos of company executives announcing false news, and AI to produce realistic-looking websites and marketing for fake investments.

AI-assisted fraud in the 2025 numbers

The FBI’s Internet Crime Complaint Center (IC3) tags complaints that mention artificial intelligence. In 2025 it received more than 22,000 such complaints, with adjusted losses of over $893 million. Its breakdown of losses with a likely AI link:

The FBI warns that these figures probably understate the problem. Total investment scam losses exceeded $8 billion, which it says shows that many victims don’t realize the extent to which AI may have been involved.

Fake “investment clubs”

The IC3 describes how investment scammers use AI:

• to generate thousands of conversations at once, each one looking different to the person receiving it;
• to run “investment clubs” featuring AI-generated videos and voices of celebrities, CEOs or other trusted figures, presenting fake, high-stakes opportunities;
• to create professional-looking endorsements on social media or in video calls, making it harder for victims to spot the scam.

If a group chat or “club” you’ve been invited to features a famous investor or executive, assume the person on screen may not be real. See pig butchering scams.

Variations to watch for

• Video giveaways: a video of a famous person, possibly doctored or AI-generated, promoting a giveaway and showing where to send crypto.
• Fake “airdrops” or token claims: a site asks you to connect your wallet to claim free tokens, then gets you to sign an approval that drains it. See token approvals and how to revoke them.
• Fake investment endorsements: a celebrity “recommends” a trading platform or bot. See AI crypto trading bot scams.
• Celebrity “messages”: direct messages from accounts posing as famous people. The FTC says celebrities aren’t contacting you through social media.

How to protect yourself

1. Never send crypto to receive crypto. No legitimate giveaway works that way.
2. Check the source yourself. The FTC suggests searching online for the person’s name or the company with words like “scam” or “fake”.
3. Ignore the clock. Scammers want you to act fast; the FTC notes that “limited time” claims are part of the trick.
4. Be wary of “little or no risk.” The FTC says not to buy into hype about earning a lot with little or no risk.
5. Remember who asks for crypto. The FTC says only scammers demand payment in cryptocurrency, and the Canadian Anti-Fraud Centre says no government agency will ever ask for payment in crypto.
6. Look for signs of AI, but don’t rely on them. The FBI suggests looking for subtle imperfections, such as distorted hands or feet.
7. Agree a family code word. The FBI recommends a secret word or phrase to verify relatives who call in a “crisis”.
8. Limit what you share. The FBI suggests limiting online content of your image or voice where possible, and making social media accounts private.

If you’ve sent crypto

• Stop and don’t send more, even if you’re told it will “unlock” your payout.
• Save evidence: the video or post, the account name, the wallet address and your transaction ID.
• Report it. The FTC lists ReportFraud.ftc.gov, the FBI’s IC3, the CFTC, the SEC and the exchange you used to send the money. In the UK, report to Report Fraud; in Canada, to the Canadian Anti-Fraud Centre. See crypto scams and where to report them.
• Report the account to the social media platform.
• Beware of recovery offers. See crypto recovery scams.

For more on paid and fake endorsements, see crypto influencers and paid promotions.