AI Advances in Crypto Scams
Elliptic, the analytical company, has released a report on the application of AI in crypto asset crimes.
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Elliptic, the analytical company, has released a report on the application of AI in crypto asset crimes.
Researchers have highlighted five primary uses of AI by malicious actors:
- Employing generative AI to produce deepfakes and ads for fraudulent activities.
- Using AI as bait in scams (AI tokens, investment AI platforms, etc.).
- Detecting vulnerabilities and exploits in code with large language models.
- Expanding malicious schemes and disseminating misinformation via chatbots.
- Offering illegal AI services, including deepfake generation on request and creating fake personal data to bypass KYC on crypto platforms.
Elliptic experts have also observed a trend of using AI tools, especially large language models, to guess seed phrases for crypto wallets. Although this concept is still mainly discussed in darknet forums, the advancement of AI technology could soon make it a reality.
On the flip side, AI technologies also facilitate the development of effective countermeasures. AI can be integrated with existing blockchain analytics tools to identify crimes and trace funds associated with fraudulent activities.
Just yesterday, scammers used the latest Starship test as an opportunity to launch over 35 different AI deepfakes of Elon Musk, promoting fraudulent schemes during live YouTube streams.
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