Altcoin News Daily Official TheBitTimes.com

AI tools aren’t just helping you keep on top of your emails, they’re giving scammers the edge in stealing your crypto. Whether it’s through giving a boost to traditional “social engineering” scams, or writing crypto-stealing code disguised as a legitimate Javascript package, AI is helping to part users from their tokens while the operators sit back and watch the profits roll in. Trust nobody According to Joey Santoro, the decentralized finance (DeFi) developer behind Fei Protocol and the ERC-4626 (Tokenized Vaults) token standard, a friend recently lost $2 million to a “sophisticated” deepfake scam. Santoro claims that an audio deepfake of Paul Faecks, founder of stablecoin-focused blockchain Plasma, was used to pitch an advisor role, with information that “perfectly matched [the friend’s] profile.” During the call, the victim opened a file (despite it being blocked by security software on a first attempt) which then “ successfully got access to pa...

A 19-part thread outlines the sophisticated strategies scammers are using to part crypto users from their funds. Cybersecurity analyst Serpent has revealed his picks for the most dastardly crypto and non-fungible token (NFT) scams currently active on Twitter. The analyst, who has 253,400 followers on Twitter, is the founder of artificial intelligence and community-powered crypto threat mitigation system, Sentinel. In a 19-part thread posted on Aug. 21, Serpent outlined how scammers target inexperienced crypto users through the use of copycat websites, URLs, accounts, hacked verified accounts, fake projects, fake airdrops, and plenty of malware. One of the more worrisome strategies comes amid a recent spate of crypto Phishing Scams and protocol hacks. Serpent explains that the “Crypto Recovery Scam” is used by bad actors to trick those who have recently lost funds to a widespread hack , stating: “Simply put, they attempt to target people who have already been scammed, and claim they c...