This tech will certainly be used to frame someone for a crime, like I am sure Photoshop was used in such a way, and thousands of other techniques. And modern technology offers counters. It is an arms race but because of the sheer amount of data that is collected, I think that truth is more accessible than ever. The more data you have, the harder it is to fake and keep consistent.
Wouldn’t it be funny if deepfakes destroyed the blackmail industry?
I would think blackmail works best when being used on things which are actually true. If someone wanted to blackmail me by sharing a fake photo of my cheating on my spouse I wouldn't cave for anything because I know I haven't so I feel confident I have enough other evidence to fight that claim. My location data, who is the "other woman", etc.?
On the flip side if I had commit some crime and someone made a deepfake of me doing that crime but they didn't actually have a legitimate photo, I might cave at that point since I would think it's a genuine photo and presumably they know even more about the incident.
"The girl and her coaches were sent photos that appeared to depict her naked, drinking and smoking a vape pen, according to police"
https://abcnews.go.com/US/cheerleaders-mom-created-deepfake-...