Elliptic Report Reveals the Future of Crypto Crime is AI-Driven
An Elliptic report exposed the rise of AI crypto crimes marking a new era of cyber threats, exploited for deepfake scams, state-sponsored attacks, and other sophisticated illicit activities.
The report credits artificial intelligence (AI) for driving significant beneficial innovation in many industries, including the AI cryptoasset sector. This innovation has birthed many projects poised to redefine the landscape of AI crypto.
However, as with any emerging technology, there remains a risk of bad actors seeking to exploit new developments for illicit purposes.
As a result, Elliptic calls for a review of early warning signs of illegal activity to ensure long-term innovation and mitigate emerging risks in their early stages.
Elliptic Highlighted the use and distribution of deepfakes and AI-generated material to advertise crypto scams.
Deepfake videos frequently exploit the likeness of influential figures like Elon Musk and former Singaporean Prime Minister Lee Hsien Loong to promote fraudulent investment schemes.
They falsely imply that the project has legitimate or official backing – thereby legitimizing it among potential victims.
Anyone just see the @elonmusk / crypto scam on the @SpaceX launch YouTube stream? In a deep fake video that cut into the stream, Elon directs everyone to scan a QR code to send crypto and it will be returned to your wallet double what you put in. Be careful out there!! pic.twitter.com/vKutNvgTkP
— N1COLE (@nmarinake) June 6, 2024
Industrial-scale scams like “pig butchering” romance scams involve maintaining extensive and prolonged communication with victims throughout the scam process.
Elliptic also reported instances of deepfake technology impersonating high-level executives during online meetings. This
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