Crypto-Scams: Will AI lead to worst year ever?

Crypto-scams may be on the eve of their "biggest" year ever, according to a warning from Chainalysis, the world leader in crypto data services. The cause? The rise of artificial intelligence.

Generative AI, such as ChatGPT, for example, makes crypto scams "more scalable and affordable for malicious actors," according to the recent report "Crypto Scam Revenue 2024". "Generative AI enables users to realistically generate counterfeit content, including websites and advertisements, to commit investment fraud and purchase fraud, making these attacks more convincing and harder to detect," said Elad Fouks, head of fraud products.

According to Chainalysis, crypto scams earned nearly US$10 billion by 2024. An increase to $12 billion is expected for 2025. Deloitte estimates that generative AI and deepfakes will cost the U.S. economy about $40 billion by 2027.

These technologies write texts and imitate real personalities ever more convincingly: with the spread of voice AIs such as ChatGPT and deepfakes, the world is slipping into a new era of fake news and propaganda.