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Crypto scams are going to ramp up with the rise of AI

Published 06/26/2023, 07:08 PM
Updated 06/26/2023, 09:00 PM
© Reuters.

With talk about integrating artificial intelligence and the cryptocurrency industry mostly focusing on how AI can help the crypto industry combat scams, experts are failing to pay attention to the fact that it could have the complete opposite effect. In fact, Meta recently warned that hackers appeared to be taking advantage of OpenAI’s ChatGPT in attempts to gain entry into users’ Facebook (NASDAQ:META) accounts.

Meta reported blocking more than 1,000 malicious links masked as ChatGPT extensions in March and April alone. The platform went as far as calling ChatGPT “the new crypto” in the eyes of scammers. In addition, searching the keywords “ChatGPT” or “OpenAI” on DEXTools, an interactive crypto trading platform tracking a number of tokens, collectively reveals over 700 token trading pairs that mention either of the two keywords. This shows that scammers are using the hype around the AI tool to create tokens, despite OpenAI not announcing an official entry into the blockchain world.

Felix Roemer is the founder of Gamdom. He briefly attended ILS Fernstudium in Germany before founding Gamdom in 2016 at the age of 22 — after investing in crypto, playing poker, and making money from the game RuneScape.

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