Cryptocurrency experts name the best way to steal digital tokens

The U.S. Commodity Futures Trading Commission (CFTC) has issued a warning about the growing number of fraud cases using AI. Attackers speculate on it to promote schemes with allegedly guaranteed high returns.

«As AI becomes more popularized in everyday life, fraudsters are increasingly using this topic, promising huge profits from trading bots, algorithms, arbitrage, and other technologies,» the agency’s document says.

As an example of such a scheme, the CFTC cited the case against Mirror Trading International Proprietary Limited from South Africa. The company’s management promised investors a guaranteed profit provided by a highly efficient AI-based algorithm.

The total loss from the scheme amounted to 30,000 BTC, about $ 1.7 billion at the time. The CFTC filed a lawsuit against the company in June 2022.

«Artificial intelligence technology cannot predict the future or sudden market fluctuations,» officials emphasize.

At the same time, the Commission gave several recommendations for investors:

• check the history of the company or trader, data of key employees;
• check the age of the website’s domain;
• discuss investments with a financial advisor or family member;
• study the risks, the mechanism for calculating commissions and other fees.

Earlier, we told the story of a cryptocurrency criminal ordered to pay $ 50 million for stealing $ 33 million.