Follow CriptoFacil on

A recent report from blockchain intelligence firm Elliptic, titled “AI-Enabled Crime in the Cryptocurrency Ecosystem,” highlighted new and emerging threats that artificial intelligence (AI) poses to the cryptocurrency landscape.

Based on case studies, the paper identifies five emerging types of AI-facilitated crimes. These crimes range from deepfake frauds to state-sponsored cyberattacks. The report emphasizes that these threats are still in their early stages.

Elliptic also highlighted that while AI has the potential to significantly transform the global economy, it also brings substantial risks. According to the report, malicious actors are already exploiting AI for illicit activities within the crypto ecosystem.

Attack involving AI and cryptocurrencies

One of the highlights of the report is the use of AI to create deepfakes, highly realistic videos and images that scammers use to impersonate important figures such as celebrities, politicians and industry leaders. The aim is to legitimize fraudulent projects.

As the report pointed out, these cryptocurrency distribution and duplication scams have used fake videos of crypto CEOs and celebrities to encourage victims to send funds to fraudulent cryptocurrency addresses.

Additionally, the report cites specific instances of deepfake use targeting Ripple (XRP) and its CEO, Brad Garlinghouse, especially following the company’s legal victory against the US SEC in July 2023. Other notable figures who have been targeted by scams deepfake attacks include Elon Musk, former Singaporean Prime Minister Lee Hsien Loong, and Taiwanese presidents Tsai Ing-wen and Lai Ching-te.

Anne Neuberger, US Deputy National Security Advisor for Cyber ​​and Emerging Technologies, also addressed growing concerns about the misuse of AI. She highlighted that scammers are using AI not only for everyday fraud, but also for more sophisticated criminal activities. Neuberger pointed out that some North Korean actors and other nation states have used AI models to accelerate the creation of malicious software and identify vulnerable systems.

Scam Themed Tokens

Furthermore, the excitement around AI has also resulted in the creation of themed tokens like GPT. Malicious actors often promote tokens like this with promises of high returns. Elliptic warns that while some of these tokens may be legitimate, many are being promoted on amateur trading forums with false claims of official associations with AI companies like ChatGPT.

The report also reveals discussions on dark web forums about the use of AI models to reverse engineer wallet seed phrases and bypass authentication for various services. On several cybercrime forums, Elliptic identified conversations exploring the use of LLMs to reverse engineer wallet seed phrases, to bypass authentication for services like OnlyFans, and to provide alternatives to image manipulation services like DeepNude.

Elliptic emphasizes that most AI threats in the cryptocurrency sector are still in their early stages. In this sense, the company highlights the importance of surveillance and proactive measures to combat these developing forms of crime.

Follow CriptoFacil on
Google News CriptoFacil


Leave a Reply