The Effect of the Rise of Artificial Intelligence on Crypto-related Scams

The rise of AI in the sectors of the industry is also paving the way for its entry into the crypto space. Experts have been focusing on the fact that how AI can improve the existing framework for crypto platforms and help in the fight against the rising scams in the industry. But one of the concerns is ignored while discussing the future of AI in crypto is the help it can provide to the scammers. Most recent reports have suggested that hackers are now using AI’s power to hack into user’s accounts and compromise their credentials. Meta also blocked thousands of accounts linked with hacking attempts.

Moreover, scammers are using ChatGPT bots to market their scams and fraudulent projects on social media platforms. Scammers use different strategies to draw the attention of the users and create massive hype for their scam tokens. Such projects collect money by doing token sales and airdrops and then end up running with the users’ funds. The rise and advancement in AI technology have helped scammers to automate the process of doing phishing scams with vulnerable people and this may come into the crypto space as well very soon.

With AI, automated chats and virtual chatbots are made possible which can easily trick a person to either market a certain project/token or force them to invest in some cryptocurrency. These types of risks are very critical and can pose serious threats. AI can also generate deep fake content to scam users, and this has happened in the recent past as well when scammers used FTX CEO’s video to promote a malicious website promising them good returns. But at the same time, AI also holds massive potential to simplify and quicken the development process of any crypto project. Artificial intelligence can easily help in code generation, fixing issues or suggesting options during the decision-making stage so it will be easier for the founders to focus on the project promotion and increasing their project’s application instead of spending the maximum amount of work on development.

Users must remain extra vigilant and avoid falling for any phishing scams as AI which is now sounding to be a very astonishing pathway for crypto projects can also become a nightmare and act in the opposite direction.