Elliptic’s recent report reveals a rising trend of AI use in cryptocurrency fraud. Though not widespread yet, cybercriminals increasingly exploit AI to execute sophisticated scams.
Fraudsters impersonate celebrities like Elon Musk and Lee Hsien Loong to deceive victims. In October 2023, fake YouTube ads claimed Elon Musk launched a crypto platform promising huge profits. Similarly, a December deepfake video falsely featured the Singaporean Prime Minister endorsing crypto investments.
The report also highlights the registration of hundreds of AI-related fraudulent tokens, many containing “GPT” in their names. These tokens are designed to scam investors.
Beyond scams, AI is used for cyberattacks and spreading disinformation, posing a serious threat to the crypto market’s security and integrity. As AI technology advances, its dual potential for benefit and risk will shape the future of cryptocurrency.
