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Can anyone guess what exactly the hackers want with a particular person's IG? Why don't they just auto/synthetically generate a fake face if they just want to sell or scam something? Is it to exploit the person's friend network?

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They want a large number of followers who trust the person.

This news report had a musician guy's IG taken over and deep fake videos of him and his voice telling people to get bitcoins:

https://www.youtube.com/watch?v=vqr0oER03SE

not deepfaked but recently some solana sales pitch took over lots of unrelated youtube accounts, it took youtube a good week or so to get them sorted

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