Gracy Chen, CEO of crypto exchange Bitget, explained that AI has made scams faster, cheaper and even more difficult to catch Highlights
- Scammers are also using AI to defraud investors
- Nearly $4.6 billion lost in crypto scams last year
- Scammers are also cheating with fake staking offers and phishing bots The crypto segment has grown rapidly in the last few years. Along with this, there has been an increase in the cases of scams related to this segment. The methods of scammers to cheat investors are also changing. Scammers are also using Artificial Intelligence (AI) to cheat investors.
Crypto exchange Bitget has stated in its anti-scam report that about $4.6 billion (about Rs 39,364 crore) has been lost in international crypto scams last year. The report states that the methods of scammers are also changing and they are also using deepfake technology along with social engineering scams. This report has been prepared with inputs from blockchain security firms SlowMist and Elliptic. Bitget CEO, Gracy Chen said that AI has made scams faster, cheaper and even more difficult to catch. For example, scammers are cheating investors using AI-generated fake staking offers and phishing bots.
The report details some cases of deepfake videos in which public figures such as billionaire Elon Musk and Singapore Prime Minister Lee Hsien Loong were posted on the Internet to promote fake schemes. Chen said, "The biggest threat to the crypto segment is not volatility, but fraud. We believe that fighting this will require strengthening the technology as well as the ecosystem." The report advises the crypto community to be vigilant against unknown or suspicious individuals and services.
