According to Odaily Planet Daily, a new report from Elliptic shows that the criminal application of artificial intelligence (AI) in the crypto-asset ecosystem is becoming more and more widespread. Criminals frequently use generative AI to create deepfakes and other deceptive materials to conduct crypto scams. There has also been a significant increase in artificial intelligence-related scam tokens, investment platforms, Ponzi schemes and fake trading bots. Scammers often take advantage of popular technologies and popular languages to create tokens or investment schemes that ultimately lead to exit scams.
In 2023, a fake AI trading robot scam called iEarn caused losses of about $6 million. The U.S. CFTC warned of the proliferation of AI trading robots in January. The report also pointed out that in addition to creating tokens, scammers also use AI to hype fraudulent investment platforms, especially using the potential of AI to enhance trading or arbitrage capabilities. AI technology is being used to promote large-scale crypto scams and false information campaigns.
