🚨💣 Attention, crypto investors! A spectacular fraud has just shaken the world of cryptocurrencies! A scammer has confessed to having deceived many investors with a false promise of a revolutionary AI trading bot! 💣🚨
Kolin Lukas Deshazo, a resident of Springdale, California, recently pleaded guilty to a massive crypto scam. Posing as an AI genius, he claimed to have developed a trading bot that could generate huge profits. The truth? The alleged bot never existed, and Deshazo used investors’ funds to satisfy his own gambling urges.
The concept of trading bots, while not new, has taken a more sophisticated turn with AI. These programs, designed to execute trades based on algorithms, are now capable of complex analysis and real-time adaptations. Unfortunately, this technological advancement has also opened the door to large-scale scams. Deshazo was able to take advantage of the growing demand for automated trading solutions, promising a miracle tool that never saw the light of day.
In 2021, a video showing Deshazo gambling with funds stolen from a poker tournament shocked observers. Authorities had already investigated him in 2019, but it was only when they discovered his true intentions that they were able to put an end to this fraud. One of the duped investors revealed that he had transferred $9,000 in cryptocurrency to a wallet controlled by Deshazo, who had promised to quadruple the sum in a year. No evidence of a trading bot was found during the investigation.
AI scams are becoming more prevalent and more sophisticated. The Commodity Futures Trading Commission has already warned of the rise of fake, pretentious trading bots, noting that promises of quick returns are often signs of fraud. Laurence Moroney, a former AI expert at Google, has also warned that despite AI’s analytical capabilities, these tools cannot reliably predict market movements and can even lead to market distortions and manipulation.
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