Chainalysis reported that malicious actors stole $9.9 billion from the crypto ecosystem in 2021, the lowest amount since 2021. The firm expects this to rise to $12.4 billion as more fraudulent addresses are identified. AI-powered fraud techniques are driving illicit activity to unprecedented levels, with scams becoming more sophisticated and harder to detect. Scammers are using generative AI to create fake identities, investment schemes, and deepfake-driven scams. High-yield investment scams and pig butchering scams are the most common, with fraudsters reinvesting gains into AI tools for future schemes. Authorities are working to combat the growing fraud epidemic, but traditional regulatory tools may not be enough to stop it.
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