Deepfakes, a rising threat in crypto–what's the way forward?

Cryptocurrency is heralded for its transparency; sadly though, it is also prone to cybercriminals’ attack. Although crypto exchanges channel some resources to protect users’ assets, sophisticated attackers go extra mile to breach their security walls.

On June 10th 2024, the leading CEX, OKX, confirmed that hackers gained access to the exchange by forging documents to obtain the personal information of some OKX users, draining a few accounts ultimately. A possible “Deepfakes” incident that has assentuated the need for exchanges to beef up security.

Deepfakes have proven to enable sophisticated identity frauds that can escape stringent security measures. Acting proactively, exchanges like Bitget has now adopted Sumsub, an AI-powered deepfake detection that effectively detects forgery and fraud, shielding users' assets from hacks and thefts.

Digital landscape is steadily evolving, necessitating the urgent need to adopt new industry safety standard. Has Bitget gone a step ahead in curbing the growing menace called Deepfakes?