While the risk right now remains small, the firm's researchers did identify five 'typologies' where AI is already being deployed in nefarious ways. These include in creating and disseminating deepfakes to make more convincing scams, building AI-scam tokens to capitalize on hype, using large language models to devise hacks, spreading disinformation and making more convincing phishing websites/prompts to facilitate identity theft.
According to Pachal, deepfakes have become increasingly difficult to spot as AI image generation has improved. For instance, earlier this month a video circulated on social media of fake Elon Musk promoting fake trading platform Quantum AI that promised users fake returns that apparently tricked more than a few people.
However, it's worth noting that oftentimes instances of fraud in the crypto industry are just incidentally related to crypto, because it just happens to be a topic that draws a lot of attention and is often complicated for people not steeped in the culture.
Crypto is already a low-trust environment, just given the nature of the technology. And it might get even lower.
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