Artificial Intelligence (iA) – Opportunity or Next Crypto Nightmare?

The rule is simple: each time a technological innovation appears, its malicious diversion must be considered with just as much seriousness. A situation that has long cast the shadow of the dark web on Bitcoin, as it was recognized by many cybercriminals as a very effective solution. But what ended up becoming clear evidence of the strength of this iconic cryptocurrency may well take an entirely different turn in the case of artificial intelligence.

Indeed, since the deployment of ChatGPT by the OpenAI company, the number of crypto projects related to this new technology continues to explode. A confusing situation at the origin of a very serious warning from the PeckShield cybersecurity structure last February. In question : a worrying proliferation of fake cryptocurrency scams meant to ride this trend. But this is apparently not the only risk associated with the rise of artificial intelligence…


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Artificial Intelligence – A Crypto Opportunity?

The number of projects developed in connection with artificial intelligence continues to grow. With on the one hand those who surf on this trend to get started and on the other the opportunists who add this term to their catalog to try to revitalize an already existing structure.

At any rate, the capitalization of this market is currently estimated at 2.5 billion dollars by the CoinGecko website. With a trading volume over the last 24 hours close to 160 million dollars.

And in the list of projects “to watch” a few names come up as a kind of confirmation. With the Fetch.AI (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) projects at the top of this ranking, to name but a few.

But a simple question arises in order to take a step back, will this market dynamic hold up better than that of the metaverse of 2021, supposed to “revolutionize everything”? This even if some investors in the field like to think that this sector will be the mainstay of the next altcoin bull market which is still struggling to take off. Nothing is less sure…

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Artificial Intelligence – A Crypto Nightmare?

A question that is all the more legitimate since this sector of artificial intelligence could well become at the same time one of the cryptocurrency industry’s worst nightmares. Because as Felix Roemer points out in a recent analysis on the subject, “the experts do not pay attention to the fact that (his) integration could have an effect completely opposite” to that hoped for. And the reason for this alarming finding is simple, they “focus primarily on how AI can help the cryptocurrency industry fight scams.”

The advancement of artificial intelligence technologies has allowed scammers to automate and expand their fraudulent activities (…) who use AI technologies to create highly realistic online content that swaps faces in videos and photos or even alters audio content to make it look like influencers or other well-known personalities are endorsing their scam schemes.”

Felix Roemer

Indeed, Felix Roemer underlines what could be presented as the flip side of the development of artificial intelligence in connection with the cryptocurrency sector. Because its very rapid and yet still very recent integration into this digital economy also takes the form of very difficult to detect scams. For example, with iA-assisted procedures to engage with individuals for the purpose of providing them with investment advice, promoting fake tokens and fraudulent initial offers. But also “elaborate pump and dump schemes” or deepfake with catastrophic consequences for investors.


Pump and dump – $4.6 billion invested in such scams in 2022

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Of course, “artificial intelligence (iA) has also the potential to automate the boring and monotonous aspects of development in the cryptocurrency industry.” Good news for those whose job is not likely to simply become obsolete following this simple observation. But perhaps their future lies in an upcoming new need in this sector. Namely: detect attacks and other scams developed using this same artificial intelligence. And as much to say that it will quickly become more and more complex !

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