AI deepfakes fuel rise of fake crypto brokers in Brazil
The rise of fake crypto brokers in Brazil
In Brazil, a new wave of financial fraud is emerging—one that blends old tricks with cutting-edge technology. According to Jorge Calazans, a lawyer specializing in financial crime, scammers are now leveraging artificial intelligence to orchestrate sophisticated schemes involving fake cryptocurrency brokers.
The fraud begins with hyper-realistic AI-generated videos featuring deepfakes of prominent Brazilian financial figures such as Luiz Barsi, Louise Barsi, and former Economy Minister Paulo Guedes, according to Livecoins.
These videos, widely circulated on social media, invite viewers to join exclusive investment groups via WhatsApp. Once inside, victims are approached by fictional “mentors”—AI-generated personas who use chatbots to simulate real-time financial coaching.
AI fuels a new kind of financial manipulation
These fake mentors promise high returns on investments in supposed international platforms like EBDOX, IXXEN, TDASX, and CRXXE. In reality, these platforms are fronts for fraudulent operations, built to mimic the look and feel of legitimate brokerages. Investors are urged to deposit funds, often believing they’re participating in global markets.
Calazans warns that these scams are more insidious than traditional pyramid schemes because they exploit AI to scale operations rapidly and convincingly. “The entire fraud cycle is automated,” he says. “From attraction to conversion, it’s powered by technology that’s difficult to distinguish from the real thing.”
As investigations unfold, Calazans calls for urgent action: technical audits of social media content, tracking of AI tools, and closer regulation of digital finance platforms. Without coordinated enforcement and technological oversight, he warns, Brazil risks becoming a testing ground for the future of digital fraud.
Meanwhile, Brazil has solidified its status as a global leader in crypto, with 26 million citizens—16% of the population—owning digital assets. This ranks the country sixth worldwide in crypto adoption, highlighting its growing impact in the sector.
