June 9, 2024
Elliptic Report 2024 AI Powers Rising Crypto Crimes

Elliptic Report 2024: AI Powers Rising Crypto Crimes

The rise of artificial intelligence (AI)-driven crypto crimes signifies a new era of cyber threats, as revealed by an Elliptic report. The report exposes how advanced technologies are exploited for deepfake scams, state-sponsored attacks, and other sophisticated illicit activities.

A user asks for advice on “unethical” GPTs. Source: Elliptic report

Exploitation of Advanced Technologies for Illicit Activities

The Elliptic report highlights a concerning advertisement for an “unethical” generative pre-trained transformer (GPT) on the dark web, with the claim, “AI has two faces, just like humans.” This duality is further illustrated by the WormGPT advertisement mentioned in the report.

“Embrace the dark symphony of code, where rules cease to exist, and the only limit is your imagination. Together, we navigate the shadows of cyberspace, ready to conquer new frontiers. What’s your next move?”

Elliptic revealed that deepfake videos featuring Elon Musk and former Singaporean Prime Minister Lee Hsien Loong are being used to promote fraudulent investment schemes. Additionally, the report points out the increasing prevalence of deepfake deceptive tactics employed by scammers on social media, duping unsuspecting victims into handing over their funds.

“Doctored videos – or ‘deepfakes’ – of notable individuals promoting investment scams have targeted the likenesses of Elon Musk, former Singaporean Prime Minister Lee Hsien Loong and both the 7th and 8th Presidents of Taiwan Tsai Ing-wen and Lai Ching-te.”

Source: Elliptic report

Growing Concerns About AI Criminality

The report also includes insights from Anne Neuberger, the U.S. Deputy National Security Advisor for Cyber and Emerging Technologies, who addressed the growing concerns about AI criminality.

“Crypto giveaway and doubling scams are increasingly using deepfake videos of crypto CEOs and celebrities to encourage victims to send funds to scam crypto addresses.”

Neuberger warned that AI is also being misused for purposes beyond everyday scams. The report elaborates on the extent of AI’s misuse, which can be observed on dark web forums.

“Throughout numerous dark web cybercrime forums, Elliptic has identified chatter that explores the use of LLMs to reverse-engineer crypto wallet seed phrases, bypassing authentication for services such as OnlyFans, and providing alternatives to image ‘undressing’ manipulation services such as DeepNude.”

As activity on the dark web increases, so does the potential for downfall. This was evidenced by the recent arrest of a dark web market owner in New York on May 18. The 23-year-old man was charged with owning, running, and profiting from a $100 million dark web narcotics marketplace after the FBI tracked his crypto transfers.

Impact on Cybersecurity Landscape

The Elliptic report underscores the significant impact AI-driven crimes have on the cybersecurity landscape. The use of deepfakes and other AI technologies in cybercrimes represents a sophisticated level of threat that challenges current security measures. As criminals continue to exploit these advanced tools, the need for robust cybersecurity strategies becomes increasingly critical. The report calls attention to the urgent requirement for heightened awareness and preparedness to combat the evolving nature of AI-driven cyber threats.

Image by Kerfin7 on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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