Users will be able to create a film with a synthetic avatar that closely resembles a real person in just two minutes once HeyGen’s AI-generated avatar is made available to the general public.
The development of artificial intelligence (AI) has led to an increase of anxiety, particularly on the effectiveness of identity verification methods used by cryptocurrency exchanges.
The once complex process of creating deepfake identification evidence has become alarmingly simple thanks to the quick advancement of AI technology. Significant figures in the business have expressed their concerns in response to the growing worries about AI-driven vulnerabilities in the bitcoin space.
Changpeng Zhao’s Warning
Changpeng Zhao, the brilliant mind behind Binance, one of the world’s top cryptocurrency exchanges, is leading this chorus of warning. On August 9, Zhao used X (previously Twitter) as a digital megaphone to broadcast a warning about the impending dangers of AI manipulation in the cryptosphere.
This is pretty scary from a video verification perspective. Don't send people coins even if they send you a video… 🤷♂️ https://t.co/jvjZGHihku
— CZ 🔶 Binance (@cz_binance) August 9, 2023
In his sincere message, Zhao created a picture of impending doom and urged people to use caution in light of the potential for AI to be used maliciously in the bitcoin industry. He encouraged caution and warned against making hasty decisions because of the mere receipt of a video message.
Related: US Senator Bennet Urges Tech Giants to Label AI-Generated Content
AI and Identity Verification
AI techniques now play a crucial role in the complex system of identity verification seen in cryptocurrency exchanges. Binance’s internal Know Your Customer (KYC) policies require users to produce video evidence to validate certain transactions, just like many other exchanges.
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An AI-generated film showing Joshua Xu, the CEO and co-founder of HeyGen, is the source of Zhao’s worries. In this movie, Xu is represented by an AI-built avatar that remarkably captures his persona in real life, down to the minute details of his voice and speech patterns and facial expressions.
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HeyGen’s invention portends a time when it will take just two minutes to create a lifelike digital avatar that can pass for the genuine thing. This development might change identity verification procedures used by companies in the cryptocurrency sector, including Binance.
Related: Telegram Crypto Bots Gaining Momentum in Market, According to Binance Research
Threats to Identity Verification
The hitherto reliable identity verification procedures on sites like Binance may see instability as AI technologies like HeyGen take center stage. Like its competitors, Binance implements KYC policies that require users to submit videos along with identity documents in order to access services or make fund withdrawals.
The dangers of AI-generated deepfakes have previously been raised by Jimmy Su, chief security officer of Binance. Su recently issued a warning that the quick development of AI technology could soon make deepfakes virtually indistinguishable from real human behaviors, causing serious difficulties for verifiers.
While Binance and HeyGen are both mute, their reactions are keenly anticipated as the crypto community mulls the effects of identity tampering enabled by AI. Vigilance and readiness become the most important weapons in a constantly changing environment to combat the unexpected dangers presented by the frontiers of technology.
Related: UN Report Warns of 'Serious and Urgent' Threat Posed by AI Deepfakes