Artificial intelligence can add new dimension to crypto crimes, Elliptic says

AI can bring a new dimension to the crypto crime problem by allowing scammers to more easily impersonate celebrities, blockchain intel firm Elliptic says.

Artificial intelligence (AI) has the potential to transform the global economy, but it also poses significant risks by enabling new forms of crypto crime, according to blockchain intelligence firm Elliptic.

In a recent research report dubbed “AI-enabled crime in the cryptoasset ecosystem,” the London-headquartered forensic firm highlighted that threat actors are already exploiting AI for illicit activities. The report warns that AI can be used to create convincing deepfakes of celebrities, politicians, and industry leaders, which scammers use to falsely legitimize fraudulent projects.

“A string of deepfakes have specifically targeted Ripple (XRP) and its CEO, Brad Garlinghouse, particularly after the company won its court battle with the U.S. Securities Exchange Commission in July 2023.”

Elliptic

Elliptic also noted that the hype around AI has led to the creation of GPT-themed tokens, which scammers promote by promising high returns.

The firm identified “hundreds of tokens listed on several blockchains” that include the term “GPT” in their name.

“Some may indeed reflect well-intentioned ventures, but a number of them have been shilled in amateur trading forums where scammers claim some form of official association with ChatGPT or other supposedly legitimate AI company.”

Elliptic

The British blockchain forensic firm says the vast majority of AI-related threats in crypto are in their infancy, highlighting the need for vigilance and proactive measures to combat emerging forms of crypto crime.