Chicago veteran loses $10,000 in deepfake cryptocurrency fraud
A Chicago veteran was defrauded of $10,000 in a cryptocurrency scam involving a person impersonating Elon Musk using AI-generated voice cloning and deepfake images. The FBI reports that cryptocurrency scams reached $9 billion in losses in 2024, representing one of the fastest-growing financial fraud trends.
What happened
Richard Lyons, a Vietnam veteran, was contacted on social media by someone impersonating Elon Musk. The scammer convinced Lyons to send $10,000 in cryptocurrency by claiming to be a financial expert and promising investment returns.
The fraudster used AI voice cloning to create fake audio files mimicking Musk's voice and sent fake pictures, including one of a Cybertruck with a bow, claiming Lyons would receive one. The scammer also spoofed Lyons's caller ID to display 'Elon Musk.' Lyons realized it was a scam after several months when he was unable to recover his money.
Reported impact
Lyons lost $10,000 in cryptocurrency. The FBI reported that in 2024, victims lost $9 billion to cryptocurrency scams overall, with $6 billion lost when people were fooled into sending crypto to fraudsters and fakes.
Index analysis
The FBI Assistant Special Agent in Charge stated that cryptocurrency scams are 'one of our hottest growing trends in financial fraud.' Scammers commonly impersonate celebrities or create websites mimicking financial institutions, using two-factor authentication to appear legitimate before eventually stealing the victim's money.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.