Crypto Scammers Exploiting AI Deepfakes and ChatGPT-Related Keywords to Deceive Victims: Report
A recent report by the blockchain analytics platform Elliptic has shed light on the alarming trend of crypto scammers leveraging artificial intelligence (AI) technology to carry out fraudulent activities in the cryptoasset ecosystem. The report, titled ‘AI-enabled crime in the cryptoasset ecosystem,’ has revealed that scammers are resorting to AI-generated deepfakes of prominent crypto personalities and the use of trending buzzwords like GPT to trick unsuspecting investors.
The rise of AI-generated deepfakes depicting well-known crypto influencers, political figures, and even employees of crypto exchanges has become a major concern. These deepfakes are designed to create a false sense of trust among users by showcasing these figures endorsing various crypto scams. For instance, deepfakes featuring former Singaporean Prime Minister Lee Hsien Loong, Taiwan’s eighth President Lai Ching-te, and tech mogul Elon Musk promoting fraudulent schemes have been identified in the report.
Additionally, scammers have been exploiting the popularity of generative AI technologies by incorporating names of widely-used language models and industry-specific buzzwords into their schemes. The report highlights the prevalence of tokens with names such as “GPT4 Token,” “CryptoGPT,” and “GPT Coin” being promoted in online forums with false claims of association with reputable AI companies like ChatGPT.
The decentralized nature of crypto transactions poses a significant challenge in tracking down crypto crimes and perpetrators. Non-regulated crypto exchanges often lack stringent Know Your Customer (KYC) protocols and mechanisms for customer protection, making it easier for scammers to operate undetected. As a result, unsuspecting investors are at risk of falling victim to these sophisticated scams.
In conclusion, the increasing sophistication of AI-enabled scams in the crypto space underscores the importance of exercising caution and due diligence when investing in digital assets. It is crucial for investors to verify the legitimacy of endorsements and conduct thorough research before engaging in any crypto transactions to avoid falling prey to fraudulent schemes.
