AI revolutionises crypto crime: Elliptic report

  • AI-driven crypto crimes on the rise.
  • Elliptic exposes deepfake scams and state-sponsored attacks.
  • Dark web advertises unethical AI for illicit activities.

OUR TAKE
Elliptic’s report is a chilling wake-up call to the sinister marriage of AI and crypto crime. It’s like watching a sci-fi thriller unfold in real life, where deepfake technology blurs the line between truth and deception. This isn’t just about algorithms and codes; it’s about real people falling victim to sophisticated scams. We can’t afford to underestimate the gravity of this threat. It’s time to take action, to stay vigilant, and to fight back against those who seek to exploit technology for malicious gain.

Dudu, BTW Reporter

In a groundbreaking report released by Elliptic, the convergence of artificial intelligence (AI) and cryptocurrency crime has been starkly unveiled. This revelation signals a new frontier in cyber threats, where advanced technologies are harnessed for nefarious purposes.

Unveiling the threat

Elliptic’s 2024 report underscores the alarming trend of AI-driven crypto crimes, shedding light on a range of sophisticated illicit activities. Notably, the report unveils the insidious use of deepfake technology in perpetrating scams and cyberattacks, blurring the lines between reality and deception.

Also read: 5 facts you should know about trading crypto

The deepfake deception

Among the most concerning findings is the proliferation of deepfake videos, meticulously crafted to deceive unsuspecting victims. Notable personalities such as Elon Musk and former Singaporean Prime Minister Lee Hsien Loong have been targeted, their likenesses exploited to promote fraudulent investment schemes. The report exposes the sinister nature of these doctored videos, designed to lure individuals into parting with their funds.

Also read: Why Hong Kong isn’t (yet) a top global crypto hub

Social media manipulation

Moreover, Elliptic highlights the escalating use of deepfake videos across social media platforms, amplifying the reach of crypto scams. By impersonating crypto CEOs and celebrities, scammers entice victims into sending funds to bogus crypto addresses, perpetuating a cycle of deception and financial loss.

Du-du

Du du

Dudu is an intern reporter at BTW Media. She graduated with a degree in Translating and Interpreting from The Hong Kong Polytechnic University. Send tips to d.du@btw.media.

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