Combating the Rising Deepfake Threat in Crypto: Bitget-Sumsub Partnership"

[Bash4j]

The crypto community is facing a growing threat from deepfakes - sophisticated AI-generated fake identities that can bypass KYC and security measures. According to reports, there has been a staggering 217% increase in detected deepfakes in the crypto sector from Q1 2023 to Q1 2024, and a 245% rise across all industries.

To tackle this issue, crypto exchange Bitget has partnered with Sumsub, a KYC verification provider, to enhance security for its 25 million users worldwide. Sumsub claims to offer over 99% accuracy in identifying and preventing deepfake scams through its AI-powered deepfake detection and fraud prevention tools.

While this partnership aims to strengthen security, the threat of deepfakes is a concerning one for the crypto ecosystem. These sophisticated identity frauds can lead to stolen identities, emptied accounts, and a loss of trust in the space.

What are your thoughts on the deepfake threat in crypto? Do you think the Bitget-Sumsub partnership will be effective in mitigating this risk? Share your opinions and experiences.

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