This chapter examines the dual nature of deepfakes and Generative AI (GenAI) in the context of disinformation, evaluating whether these technologies constitute a false alarm or a genuine threat. As advances in AI continue to enhance the realism of synthetic media, the risks associated with their misuse—intentionally or not—increase, posing serious challenges to information integrity and public trust. We analyse recent trends in the proliferation of GenAI content across multiple platforms, investigating their disruptive potential and their use in public debate, election campaigns and conflicts. Through this exploration, our objective is to illuminate the complex landscape of GenAI, highlighting the urgent need for effective strategies to combat disinformation while acknowledging the technology’s potential for positive impact.