Sandeep Nailwal, co-founder of Polygon, has flagged a troubling rise in deepfake scams using his likeness to deceive crypto founders. Polygon is one of the largest Ethereum layer-2 networks.
In a May 13 social media post on X, Nailwal said several individuals recently reached out to verify if he had spoken with them over Zoom.
However, he was not involved in those meetings as the scammers used manipulated videos of him to gain trust and trick them into installing harmful software.
How the scammers operate
Nailwal stated that the scam began with the compromise of the Telegram account belonging to Shreyansh Singh, who leads Polygon Ventures.
From there, the attackers messaged startup founders affiliated with Polygon’s investment network, pretending to reconnect for funding discussions.
Interested recipients were then invited to join Zoom meetings through phishing links disguised to look official.
These links required desktop access and led to video calls featuring AI-generated versions of Nailwal, Singh, and a woman claiming to be part of the investment team.
Nailwal pointed out that the calls did not have audio. Instead, participants were urged to install a Software Development Kit (SDK).
However, the Polygon founder said the move is designed to infect the recipient’s systems.
Rising concerns about deepfakes
Nailwal’s incident is not an isolated case and shows that deepfake fraud is becoming a more dangerous industry-wide issue.
Over the years, deepfake impersonations have increasingly targeted prominent crypto executives like Ripple CEO Brad Garlinghouse, who has also faced multiple instances of his deepfakes being used in scam promotions.
This attack vector shows cybercriminals’ growing use of generative AI in the evolution of crypto-related fraud. A recent report pointed out that losses from deepfake-driven scams exceeded $200 million in Q1 2025 alone.
Due to this, Nailwal advised community members never to install unfamiliar software during unsolicited interactions.
He also emphasized the importance of operational hygiene, urging crypto users to separate their wallet-signing activities from general device use. He stated:
“These attacks keep getting more and more sophisticated, so best approach is to keep a separate laptop for signing via your wallets only from that laptop and never do anything else on that wallet.”
