AI deepfake technology has triggered a cryptocurrency scam frenzy, with a shocking loss of $4.6 billion in the industry
With the rapid development of artificial intelligence technology, deepfake technology has gradually become a tool for cryptocurrency scams, causing huge economic losses for investors.
According to the latest report co-authored by Bitget, SlowMist, and Elliptic, losses from cryptocurrency scams in 2024 reached as high as $4.6 billion, a 24% increase from the previous year. This data has raised widespread concern and alarm in the industry.
Scammers use artificial intelligence technology to create convincing videos of public figures, such as Tesla founder Elon Musk promoting false investments on the social media platform X. These videos are highly deceptive, leading many investors into traps.
In addition to deepfake technology, social engineering is also a common tactic used by scammers. For example, they exploit people's psychological weaknesses by using AI arbitrage bots to conduct scams. These bots promise easy profits generated by codes from ChatGPT, guiding users to interact with fake interfaces to steal funds.
Moreover, modern Ponzi schemes are continuously evolving under the guise of decentralized finance (DeFi), NFT, and GameFi projects. A typical case is the 2023 Hong Kong JPEX incident, where the platform promoted its native token JPC through physical advertisements and celebrity endorsements, promising "high and stable returns." However, due to a lack of regulatory approval, JPEX was ultimately labeled as "highly suspicious," resulting in a massive loss of over $166 million.
Elliptic's Chief Crypto Crime Investigator Arda Akartuna stated that criminal methods are continuously upgrading, and they are expanding their attacks using technologies like AI. In response, our team is also continuously working to enhance blockchain tracking capabilities to identify and respond to new criminal techniques.
In summary, as artificial intelligence technology continues to develop, the methods of cryptocurrency scams are becoming increasingly complex. Investors need to be vigilant, enhance their awareness of prevention, and avoid falling into scam traps. At the same time, all parties should work together to strengthen regulation, combat cryptocurrency scams, and protect the legitimate rights and interests of investors.
What do you think investors should do to raise their awareness to avoid falling into cryptocurrency scam traps?
