While the topic of artificial intelligence and crypto industry integration has mostly focused on how AI can help fight fraud in the crypto industry, experts say it could have the exact opposite effect. not paying attention to the fact that there is In fact, Meta recently warned that a hacker appears to be using OpenAI’s ChatGPT in an attempt to break into a user’s girlfriend’s Facebook account.
Meta reported blocking over 1,000 malicious links masked as ChatGPT extensions in March and April alone. The platform even dubbed his ChatGPT the “new cryptocurrency” in the eyes of scammers. Additionally, a search for the keywords “ChatGPT” or “OpenAI” on DEXTools, an interactive cryptocurrency trading platform that tracks thousands of tokens, reveals a total of over 700 token trading pairs that mention either of the two keywords. Become. This shows that even though OpenAI has not officially announced its entry into the blockchain world, scammers are leveraging the hype about her AI tools to create tokens.
Social media platforms have become popular channels for promoting new scam coins online. Scammers take advantage of the extensive reach and influence of these platforms to gain large numbers of followers in a short period of time. With AI-powered tools, you can extend your reach even further and build a seemingly loyal fanbase of thousands. These fake accounts and interactions can be used to give the fraudulent project an illusion of credibility and popularity.
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A lot of cryptocurrencies work on social proof, and if a cryptocurrency or project seems popular and has a lot of supporters, it must be popular for a reason. suggesting. Investors and new buyers assume others have done a good amount of research before investing and tend to trust projects that have more loyal fans online. However, the use of AI could challenge this assumption and undermine social proof of work.
Now, just because it has thousands of likes and genuine-looking comments doesn’t necessarily mean it’s a legitimate project. This is just one attack vector, and AI will create many others. One such example is the “slaughter of pigs” scam. In this case, the AI instance could spend days befriending someone (usually an elderly or vulnerable person) and eventually end up being a fraud. Advances in AI technology will allow fraudsters to automate and scale their fraudulent activities, potentially targeting vulnerable individuals in the cryptocurrency space.
Scammers can use AI-driven chatbots and virtual assistants to engage with individuals, provide investment advice, promote fake token and initial coin offerings, and offer high-yield investment opportunities. There is a nature. Such AI scams can be very dangerous as they can mimic a human-like conversation with T. Additionally, by leveraging social media platforms and AI-generated content, scammers can organize complex pump-and-dump schemes to artificially inflate money. The value of the token will plummet, and many investors will suffer losses as they sell their holdings for a large profit.
Related: Don’t be surprised if AI tries to sabotage your cryptocurrency
Investors have been warned for years to beware of deepfake crypto scams. Deepfake crypto-scams are highly realistic online scams that use AI technology to swap faces in videos and photos and alter audio content to make it appear as if they are endorsed by influencers and other celebrities. It creates content. fraud project.
In one of the most notable deepfakes to impact the cryptocurrency industry, former FTX CEO Sam Bankman-Fried lured users to a malicious website that promised to double their cryptocurrency. It was an inspiring video.
Earlier this year, in March 2023, the so-called AI project Harvest Keeper defrauded users of about $1 million. Around the same time, a project called “CryptoGPT” began appearing on Twitter.
But on a more positive note, AI also has the potential to automate tedious and drudgery aspects of cryptocurrency development, serving as a great tool for blockchain professionals. The tasks required for any project, such as setting up a Solidity environment and generating base code, are made easy with the help of AI technology. Ultimately, the barriers to entry will drop significantly, and the cryptocurrency industry will focus less on development skills and more on whether your ideas are truly practical.
In some niche cases, AI enables amazing ways to democratize processes that we currently believe are only in the hands of the elite (in this case, well-researched senior developers). I will. But there are no limits as everyone has access to advanced cryptocurrency development tools and launch pads. AI makes it easier for projects to trick people, so users should exercise caution and due diligence before investing in projects. For example, you should watch out for questionable URLs and never invest in anything that appears out of nowhere.
Felix Romer He is the founder of Gamdam. He invested in cryptocurrencies, played poker and made money with RuneScape games before briefly attending the ILS Fernstudium in Germany until he founded Gamdom in 2016 at the age of 22. bottom.
This article is for general informational purposes and is not intended, nor should it be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views or opinions of Cointelegraph.
