🚨 AI-ENABLED CRYPTO CRIME REMAINS IN EARLY STAGES 🤖🚨
A recent study by Elliptic reveals that crimes enabled by artificial intelligence (AI) within the cryptocurrency ecosystem are still in their early stages.
The Elliptic study outlines five typologies of AI-enabled crime that must be addressed to prevent escalation. Early intervention is key to mitigating these threats before they become prevalent.
1. 💡 AI-Generated Deepfakes:
Recent incidents involving AI-generated deepfakes of notable figures, such as Elon Musk and former Singapore Prime Minister Lee Hsien Loong, underscore the enhanced capabilities of malicious actors. Deepfakes mimicking former Taiwanese Presidents Tsai Ing-wen and Lai Ching-te have also been used in scams, demonstrating the need for vigilance.
2. 📈 Surge in AI-Related Tokens:
Data from the study indicates a surge in tokens featuring AI-related keywords such as GPT, OpenAI, and Bard. Approximately 4,500 of these tokens are present on the BNB Smart Chain, with most using the term GPT more frequently than OpenAI or Bard.
3. 🔍 State-Sponsored Hackers:
The report highlights the exploitation of AI by state-sponsored hackers, particularly those backed by North Korea. These hostile actors are using AI models to detect vulnerabilities in smart contracts and conduct large-scale cryptocurrency heists. The United Nations attributes over 60 cryptocurrency heists, totaling more than $3 billion in stolen assets, to North Korean hackers between 2017 and 2023.
4. 📢 Importance of Collaboration:
The success of containing AI-enabled crypto crimes depends on collaboration among various stakeholders, including law enforcement investigators, crypto compliance professionals, AI and crypto users, technology developers, policymakers, and regulators. The report recommends a prevention strategy known as DECODE, which stands for Detect, Educate, Cooperate, Defend, and Enforce.
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