Generative AI

Connect

Ronin

<a href="https://bitcoinworld.co.in/watch-out-crypto-thieves-will-deploy-more-convincing-ai-scams-in-2024/" title="Watch Out: Crypto Thieves Will Deploy More Convincing AI Scams In 2024" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400;" aria-level="1">Crypto thieves will deploy more convincing AI scams in 2024, firms warn</li>
</ul>
Crypto investors will have to keep their eyes peeled for sophisticated phishing scams and a plethora of smart contract vulnerabilities next year, according to blockchain security firms.
AI-powered phishing scams, BRC-20 exploits, and new smart contract vulnerabilities are among the biggest threats that crypto projects and investors will likely face in 2024, according to blockchain security firms.
While the $1.7 billion in scam and hack-related losses in 2023 stands as an undeniable improvement to the $4 billion lost in 2022 — Jesse Leclere, a blockchain analyst from CertiK, warned that scams are only becoming more advanced and users should remain hyper-vigilant for well-executed exploits.
“Phishing, evolving in its sophistication, will likely target not only individual users but also corporate systems […] using social engineering tactics tailored to the crypto context,” said Leclere, pointing to the Dec. 14 Ledger Connect exploit as a prime example of an advanced attack.
One of the key elements that will see phishing scams become more nefarious is the use of generative AI, he <a href="https://twitter.com/IOHK_Charles/status/1735500795569701048?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1735500795569701048%7Ctwgr%5E549283feb7d345023f2262520985d2f0b942c43d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fhow-crypto-hackers-will-up-their-game-2024" rel="noopener noreferrer nofollow">added</a>, allowing hackers to automate operations and create convincing fake calls, videos, and messages through which to ensnare potential victims.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 As predicted, Generative AI scams are now here. These will be dramatically better in 12-24 months and hard for anyone to distinguish between reality and the AI fiction <a href="https://t.co/u7uaIEUodt" rel="noopener noreferrer nofollow">https://t.co/u7uaIEUodt</a>
 — Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1735500795569701048?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 15, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Jenny Peng, a research analyst from 0xScope warns that AI could form a key component in generating ever-more realistic “deep fakes” to fool crypto users.
Peng added that hackers are likely to also give the burgeoning BRC-20 ecosystem “extra attention” next year due to a relative lack of developments in security.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/scammers-stole-3m-crypto-on-christmas-day-using-ms-drainer/" aria-label="“Scammers Stole $3M Crypto On Christmas Day Using MS Drainer” (Edit)" rel="noopener noreferrer nofollow">Scammers Stole $3M Crypto On Christmas Day Using MS Drainer</a>
“BRC-20 UniSat wallet launched in early 2023 and was promptly hit with a double-spend exploit. This incident shows that the BRC-20 ecosystem, where everything is new, will need to evolve its infrastructure quickly to be as battle-tested as Ethereum’s security-wise,” she added.
Already one of the most long-standing pain points for the industry, cross-chain bridges will continue to be a concern in 2024, said Leclere.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> <a href="https://twitter.com/MultichainOrg?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@MultichainOrg</a> has been drained of ~$126M worth of cryptos, ranking it at #6 on our cross-chain bridge exploit leaderboard. Additionally, <a href="https://twitter.com/hashtag/PolyNetwork?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PolyNetwork</a>, which was exploited for ～$25M, stands at #8.
 As of today, ~$1.92B associated with cross-chain bridges has… <a href="https://t.co/UvJF8BwQfs" rel="noopener noreferrer nofollow">pic.twitter.com/UvJF8BwQfs</a>
 — PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1677231320353886208?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“As the industry increasingly adopts cross-chain solutions for greater interoperability, these protocols will become attractive targets for attackers, exploiting vulnerabilities arising from complex interactions between different protocols and chains,” he added.
Many of the crypto sector’s largest hacks to date have resulted from bridge exploits — with the infamous $650 million Ronin bridge hack still standing as the worst on record.&nbsp;
Without some serious security upgrades in the future, Leclere believes this will remain an issue for the industry heading into 2024.
Meanwhile, Phil Larratt, director of investigations at Chainalysis, offered a similar caution, warning that bad actors will grow increasingly adept at getting away with their ill-gotten gains.
“In 2024, we can anticipate that illicit actors are going to become more sophisticated in the tactics and techniques they use, especially as more long-standing traditional organized criminals and financial crime actors continue to adopt crypto,” he said.
With increasing know-how from security firms and law enforcement, Larratt warned that the next wave of scammers would most likely utilize privacy coins, bridges, mixers, and other obfuscation tools to a greater extent.
“In response to this likely trend, we will need more intensive law enforcement investigations, increased training and knowledge sharing by law enforcement organizations, even more advanced fraud protection programs, and continued partnerships between the public and private sectors,” he said.
The post <a href="https://bitcoinworld.co.in/watch-out-crypto-thieves-will-deploy-more-convincing-ai-scams-in-2024/" rel="noopener noreferrer nofollow">Watch Out: Crypto Thieves Will Deploy More Convincing AI Scams In 2024</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Watch Out: Crypto Thieves Will Deploy More Convincing AI Scams In 2024

ItsBitcoinWorld

Other articles published on Dec 27, 2023

SEC- A First in Spot Bitcoin ETF Talks! Bloomberg Analyst Announced!

XRP Price Could Grow in This Market Cycle: Analyst’s View

Polygon Breaks Out Of Symmetrical Triangle, Analyst Puts This Target

Bitcoin Market Braces for $10.1 Billion Options Expiry

Thunder Terminal hit by $250K exploit; 114 wallets hacked

Hong Kong’s OneDegree sees significant stablecoin development interest

Join our free newsletter for daily crypto updates!