Deepfake videos of Elon Musk and Dragon's Den used in cryptocurrency investment scam targeting Canadians
Two Canadian victims reportedly lost a combined $2.3 million to a cryptocurrency investment scam that used AI-generated deepfake videos impersonating Elon Musk and Dragon's Den. The scammers employed fabricated dashboards, fake investment platforms, and pressure tactics to extract deposits, which were moved across wallets and jurisdictions before victims could withdraw funds.
What happened
A 51-year-old woman from Markham, Ontario, saw a Facebook clip appearing to feature Elon Musk discussing a crypto opportunity and sent an initial $250, which led to a displayed $30 gain. Scammers subsequently showed a balance of $3 million and demanded taxes and fees before withdrawal; the victim borrowed $500,000 from family and friends and maxed out credit cards, totaling $1.7 million in losses.
A man from Prince Edward Island encountered a video claiming to be linked to the TV program Dragon's Den suggesting investment could start at $250. He increased transfers over time, at one point sending $10,000 per day, and lost $600,000 after being shown a fake balance of more than $1 million and having withdrawal attempts blocked.
Reported impact
Two Canadians lost a combined $2.3 million in the scheme. The Ontario victim stands to lose her home as the final blow of the scam designed to drain victims emotionally and financially.
Index analysis
AI-generated videos and fabricated dashboards were used to persuade targets that small deposits were producing real profits. Former U.S. prosecutor Erin West said the fraud is organized like an industry, with many callers themselves victims trafficked to scam compounds in Southeast Asia and forced to work long hours.
Governance controls
According to the Canadian Anti-Fraud Centre, Canadians have lost $1.2 billion to investment scams over three years, and the agency believes actual losses are higher. Erin West warned that as deepfake tools become cheaper and more accessible, similar scams are likely to expand globally, making it harder for ordinary investors to distinguish legitimate opportunities from AI-driven fraud.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.