Elliptic Report: AI-Driven Crypto Crime on Steep Rise


The Elliptic report emphasized the growing use of deepfake technology by scammers on social media to deceive victims into surrendering their crypto funds.

In their latest report, Elliptic noted that crypto scammers are now leveraging sophisticated artificial intelligence (AI) technology thereby kicking off a new era of cyber threats. Using AI, these scammers conduct state-sponsored attacks, deepfake scams, and other illicit activities.

The report highlights a concerning advertisement for an “unethical” generative pre-trained transformer (GPT) found on the dark web, which provocatively states that “AI has two faces, just like humans”. Additionally, the report highlights duality as seen in the WormGPT advertisement. The report noted:

“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 has uncovered that deepfake videos featuring Elon Musk and former Singaporean Prime Minister Lee Hsien Loong are being utilized to promote fraudulent investment schemes. The report also emphasized the growing use of deepfake technology by scammers on social media to deceive victims into surrendering their funds. The Elliptic report reads:

“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.”

North Korean State Players Using AI for Scams

As we know, North Korea’s state-sponsored Lazarus Group has been at the center of several crypto scams while looting billions of dollars of investors’ money. Anne Neuberger, the US Deputy National Security Advisor for Cyber and Emerging Technologies, has recently addressed concerns of rising AI criminality from the North Korean state players.

“Some North Korean and other nation-state and criminal actors have been observed trying to use AI models to accelerate the creation of malicious software and identifying vulnerable systems,” the company stated.

As dark web activity surges, so does the risk of legal repercussions, exemplified by the recent arrest of a dark web market owner in New York on May 18. The 23-year-old man faces charges for operating and profiting from a $100 million dark web narcotics marketplace, following an FBI investigation that traced his cryptocurrency transactions.

Elliptic has detected discussions across multiple dark web cybercrime forums regarding the use of large language models (LLMs) to reverse-engineer crypto wallet seed phrases, circumvent authentication for services like OnlyFans, and offer alternatives to image ‘undressing’ manipulation services such as DeepNude.



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