Elliptic’s 2024 report uncovers the increasing use of AI in sophisticated crypto crimes, highlighting a new era of cyber threats from deepfake scams to state-sponsored cyberattacks.

The report reveals how advanced technologies are being exploited for a range of illicit activities. One alarming finding is an advertisement for an “unethical” GPT on the dark web, claiming, “AI has two faces, just like humans.”

The report also highlights the advertisement for WormGPT, which states, “Embrace the dark symphony of code, where rules cease to exist, and the only limit is your imagination. Together, we navigate the shadows of cyberspace, ready to conquer new frontiers. What’s your next move?”

Deepfake videos are a significant concern, with Elliptic revealing that doctored videos of prominent individuals are being used to promote fraudulent investment schemes. The report states, “Doctored videos – or ‘deepfakes’ – of notable individuals promoting investment scams have targeted the likenesses of Elon Musk, former Singaporean Prime Minister Lee Hsien Loong, and both the 7th and 8th Presidents of Taiwan, Tsai Ing-wen and Lai Ching-te.”

These deepfake scams are becoming increasingly convincing, making it difficult for individuals to distinguish between genuine and fraudulent content. The use of AI in these scams demonstrates the growing sophistication of cybercriminals and the potential for significant financial losses.

Elliptic’s report serves as a warning to the crypto community about the emerging threats posed by AI-driven crimes. The rise of AI technologies has opened new avenues for cybercriminals, and the report suggests that these threats are just beginning. As AI continues to evolve, so too will the tactics used by those seeking to exploit its capabilities for illicit purposes.

The findings emphasize the need for increased vigilance and advanced security measures to combat the growing threat of AI-driven crypto crimes. The report underscores the importance of staying informed about the latest developments in cyber threats and the need for robust defenses to protect against these emerging risks.

SOURCE: AI-driven crypto crime is only just beginning — Elliptic report