Polygon co-founder alerts startups about deepfake video fraud exploiting his image.

Sandeep Nailwal, a co-founder of Polygon, has expressed concerns regarding the increasing prevalence of deepfake scams that utilize his image to mislead other crypto founders. Polygon ranks as one of the leading layer-2 networks on Ethereum.

On May 13, Nailwal shared on social media that several people had contacted him to check if he participated in recent Zoom meetings.

He clarified that he had no involvement in those discussions; instead, scammers were using altered videos of him to establish credibility and deceive individuals into downloading malicious software.

Nailwal explained that the fraudulent scheme originated from the hacking of Shreyansh Singh’s Telegram account, who is the leader of Polygon Ventures.

Following this breach, the attackers contacted founders of startups within Polygon’s investment ecosystem, pretending to re-engage for funding talks.

Those who expressed interest were lured to join Zoom meetings through phishing links designed to appear legitimate.

These links demanded desktop access and led to video conferences featuring AI-generated representations of Nailwal, Singh, and an alleged member of the investment team.

Nailwal noted that the calls lacked audio, and participants were encouraged to install a Software Development Kit (SDK), which was actually a tactic to compromise their systems.

Nailwal’s experience is not unique and highlights a growing trend of deepfake fraud impacting the broader industry.

In recent years, high-profile crypto executives, including Ripple’s CEO Brad Garlinghouse, have also fallen victim to such impersonations in scam schemes.

This particular method underlines the increasing use of generative AI by cybercriminals as they evolve their tactics for crypto-related scams.

A recent analysis indicated that losses from deepfake scams surpassed $200 million in the first quarter of 2025 alone.

As a precaution, Nailwal urged community members to avoid installing unfamiliar software during unsolicited communications.

He also stressed the need for good security practices, recommending that crypto users keep their wallet activities distinct from general device interactions. He advised:

“Given the sophistication of these attacks, it’s wise to maintain a separate laptop for signing transactions through your wallets and avoid using that device for any other purposes.”